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Suppose that the demand for olive oil is highly inelastic. Also suppose that the supply of olive oil is fixed for the year. If the demand for olive oil suddenly increases because of a shortage of corn oil, you would expect a _____________ in the price of olive oil. a. Large increase. b. Small increase. c. Large decrease. d. Small decrease. e. No change.
What are the short-run equilibrium values of the price level, expected price level, output, and unemployment rate. Illustrate what are the values of cyclical unemployment and unanticipated inflation.
Assume that the multiplier in a country is equal to 4 and that autonomous real consumption spending is $1 trillion. if current real GDP is $12 trillion, the current value of real consumption spending is $ ______ trillion.
Explain why PC is likely to be related to parent's income. Would parent's income be a good Instrumental Variable for PC?
What is a payment gate-way also discuss how does it Works. Name the three most vulnerable points in e commerce environment and also discuss why these points are so vulnerable and what is the solution?
Irene’s Dairy is deciding whether or not to enter the market for ice cream, currently monopolized by Mattie’s Ice-cream. If it enters the market, Mattie’s can either accommodate him and share his 10million in profits equally with Irene or fight him a..
In my mind it is hard to imagine any competitive advantage that technologies give to business without considering efficiencies. To me, technology is meant to either streamline business processes or automated them altogether. While many argue against ..
Classical economists believe that the demand for money will decline if the _________ decreases, while Keynesian economists believe that the demand for money will decline if the _________ increases.
Jane just finished a Pepsi and is wondering what to do with the can. She takes a moment and thinks about the actions available to her, and decides that she can either recycle the can or throw it on the ground. the rightness or wrongness of an action ..
Find the three stages of production. If the wage rate is $500 and the price of output is $5, how many workers should the firm hire? Why?
An outcome that can result from either a price ceiling or a price floor is:
"The current chairperson of the FED is Janet Yelling and she oversees an entity that is strongly influenced by politics and politicians." Do you agree? Why or why not? Be specific and limit your response to one paragraph..
Define tourism. What should be included in the definition of tourism? What is the different between tourist and excursionist?
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