Which is NOT a determinant of the elasticity of demand?
A. The proportion of income consumers spend on the good
B. The number of sellers
C. The availability of substitutes
D. Time
B. The number of sellers
Economics
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Which of the following would NOT be a sign that China wants to become a high technology producer?
A) More patents are being sought and granted in China B) Large spending on infrastructure C) Rapid expansion of science, engineering and research D) Less emphasis on education spending
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For a monopoly, the entry of new firms is difficult, but not impossible
Indicate whether the statement is true or false
Economics