Explain how the price elasticity of supply is related to the prices of antiques and gold
Please provide the best answer for the statement.
The supply of antiques and gold is relatively inelastic. There is little or no change in quantity supplied to a change in price. As a consequence, increase in demand will often cause large changes in price in the case of antiques. Gold is highly volatile in price because small increases or decreases in demand can cause large changes in price.
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]Which of the following would not cause the AD curve to shift?
a. A change in the money supply b. The public's expectations of a fall in the interest rate c. A change in aggregate expenditure caused by a change in the price level d. A change in fiscal policy e. A change in autonomous consumption spending
Inflation and unemployment both increase as the money supply increases
a. True b. False Indicate whether the statement is true or false
Results of the study done by Lee Benham on advertising for eyeglasses would suggest that
a. brand loyalty and market power in the eyeglass market was likely to be more pervasive in states that allowed advertising. b. eyeglass sales were more profitable in states that allowed advertising. c. optometrists would not be supportive of advertising restrictions. d. optometrists would enthusiastically endorse advertising restrictions.
The goldsmith's ability to create money was based on the fact that
A. withdrawals of gold tended to exceed deposits of gold in any given time period. B. consumers and merchants preferred to use gold for transactions, rather than paper money. C. the goldsmith was required to keep 100 percent gold reserves. D. paper money was rarely redeemed for gold.