If the demand for a good is highly elastic, that good is likely to have:
A. many close substitutes.
B. many close complements.
C. few close substitutes.
D. few close complements.
Answer: A
Economics
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Refer to above figure. What is the amount of efficiency loss resulting from imposition of the tariff?
What will be an ideal response?
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Countries import goods in which they have:
a. an absolute advantage. b. a comparative advantage. c. a reputation for good product quality. d. a comparative disadvantage. e. a surplus domestic production.
Economics