Which has a more elastic demand: hamburger or beef?
What will be an ideal response?
Hamburger has the more elastic demand because there are more substitutes for hamburger than there are for beef. Anything that is a substitute for hamburger is also a substitute for beef. Plus, any other kind of beef is a substitute for hamburger.
Economics
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________ is a flow of earnings per unit of time
A) Income B) Money C) Wealth D) Currency
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If the current price of a good is the same as that found at the intersection of the market demand and supply curves, then: a. excess demand exists
b. excess supply exists. c. price will rise. d. price will fall. e. the market is in equilibrium.
Economics