The supply of cars will be more elastic the:
A. Greater the quantity demanded
B. Longer the time interval considered
C. Greater the decline in input prices
D. Less able producers are to make other goods
B. Longer the time interval considered
Economics
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In the figure above, what is the equilibrium price and quantity?
What will be an ideal response?
Economics
Based on the following pieces of information, which fast food product do consumers see as the closest substitute for Wendy's Hamburgers?
A) Kentucky Fried Chicken, which has a cross elasticity of 1.70 with Wendy's B) McDonald's hamburgers, which have a cross elasticity of 1.01 with Wendy's C) Pizza Hut pizza, which has a cross elasticity of zero with Wendy's D) Taco Bell tacos, which have a cross elasticity of -1.25 with Wendy's
Economics