A freeze in Florida's orange growing regions will:
A result in a sharp increase in the price of oranges in the short run because demand and supply are highly elastic.
B result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic.
C result in little change in the price of oranges in the short run because supply is infinitely elastic.
D result in a sharp decrease in the price of oranges in the short run because demand is highly inelastic and supply is highly elastic.
B result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic.
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A simultaneous increase in both unemployment and inflation is most likely to be the result of a(n):
a. increase in long-run aggregate supply. b. increase in short-run aggregate supply. c. decrease in the aggregate demand. d. simultaneous outward shift of the aggregate demand and supply curves. e. decrease in the short-run aggregate supply.
An example of a heuristic is:
A. predatory lending. B. a rule of thumb. C. common sense. D. a framing device.