The demand for flounder (a specific type of fish) is
a. more elastic than the demand for fish because there are more substitutes for flounder than for fish in general
b. less elastic than the demand for fish because there are more substitutes for flounder than for fish in general
c. more elastic than the demand for fish because there are more substitutes for fish in general than for flounder
d. less elastic than the demand for fish because there are more substitutes for fish in general than for flounder
e. more elastic than the demand for fish because flounder is one of the less expensive kinds of fish
A
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Which of the following is true regarding bonds? a. Other things equal, bondholders have greater financial security than stockholders. b. The possibility of a bond's value increasing greatly is limited compared to stocks. c. The legal obligation to bondholders is of higher priority than that of stockholders. d. Higher market interest rates represent a risk to bondholders
e. all of the above
two goods that are used together. when the price of a complementary good rises, the demand for related good goes down
What will be an ideal response?
A per-unit government tax on producers of a good tends to
A) reduce the supply of the good. B) increase the supply of the good. C) cause an upward movement along the supply curve. D) not have any effect on the good's supply.
If a monopoly situation arises from a perfectly competitive market, the portion of producer surplus that increases in a monopoly is transferred from the perfectly competitive market's
A) fixed cost. B) long-run positive economic profit. C) deadweight loss. D) consumer surplus.