The less responsive consumers are to a change in the price of a product, _____
a. the more price-elastic is the supply curve
b. the more income-inelastic is the demand curve
c. the more price-inelastic is the demand curve
d. the more income-elastic is the supply curve
e. the more price-elastic is the demand curve
c
Economics
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Absorption refers to
A) the total amount of imports purchased by a country. B) the net amount of imports purchased by a country. C) total spending by domestic residents, businesses, and governments. D) GDP less desired consumption, desired investment, and government purchases.
Economics
In the Classical system, the total output of goods and services and total employment are determined by all of the following except
A) the interest rate. B) the labor force. C) the supply of capital. D) existing technology.
Economics