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Which of the following is likely to make demand more elastic with respect to price?
A..The good being a necessity.
B. The good having no close substitutes.
C. The good being a small percentage of income or budget.
D. A short time frame in which to buy the good.
E. none of the above
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
The two primary issues in international commerce are dumping and tariffs. Dumping is the international form of predatory pricing, prohibited by the WTO. Tariffs are taxes on imported goods, effectively increasing the price on these goods. A domestic ..
The government has the ability to influence the level of output in the short run using monetary and fiscal policy. There is some disagreement as to whether the government should attempt to stabilize the economy. Which of the following are arguments i..
the world price of coffee rose about 100%. What was the approximate price elasticity of demand for coffee? was the demand elastic or inelastic?
Suppose a liquidity trap exists and current output is below its natural level.(i.e. an economy is currently operating at the zero nominal interest rate) can this economy return to its natural level automatically? if it can not, explain the mechanism ..
What is the short-run condition for the monopolist. In the following table are demand and cost data for a pure monopolist. What output will the monopolist produce? What total profit ill the monopolist receive at the profit-maximizing level of output?
Describe the competing views on whether and how the budget deficit impacts economic growth.
The current structure of healthcare coverage in the United States has a combination of employer-based coverage and public program (e.g., Medicare, Medicaid) coverage, with a large uninsured population. What do you think about allowing some people to ..
WidgetsRUs is deciding on a widget production schedule for the next three days. They currently have 0 widgets in inventory and they are looking to satisfy a demand of 100 widgets at the end of day 3. Worker 1 is scheduled to work on days 1 and 2 and ..
Labor turnover during periods of economic expansion is largely the result of: Full income. If leisure is a normal good, an increase in nonlabor income will cause the quantity of labor supplied to:
Suppose you are studying the recent rise in shale energy. You know the inverse private demand function for shale energy is P = 100 - Qd. The private supply of shale energy is P = Qs. However, shale energy can potentially lead to pollution. The margin..
The equation for the demand curve for hotel rooms in Boston is given by P=5000-0.48Qd. The supply curve is given by P = 0.02Qs. Prices are nightly rates in dollars.
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