Which of the following statement is true?
a. The demand for Cheerios is less elastic than the demand for cereal
b. The demand for gas is more elastic in the short-run than in the long-run
c. The demand for puma shoes is more elastic than the demand for shoes
d. Products with many complements have a more elastic demand
c
You might also like to view...
A tax is imposed on wine. Sellers will bear the full burden of this tax if the: a. demand for wine is perfectly inelastic
b. price elasticity of demand for wine equals 1.0. c. demand for wine is unit elastic. d. supply for wine is perfectly inelastic.
Three basic decisions must be made by all economies. What are they?
a. How much will be produced; when will it be produced; who will produce it? b. What goods will be produced; how will goods be produced; for whom will goods be produced? c. What will be consumed; how will goods be consumed; for whom will goods be consumed? d. How will the opportunity cost principle be applied; if the law of comparative advantage will be utilized, how will it be utilized; will the production possibilities constraint apply?