If makers of snake anti-venom implement significant price increases, it is unlikely to significantly affect the use of anti-venom for treating poisonous snakebites. The demand for anti-venom is:
a. elastic
b. inelastic.
c. unit elastic.
d. unit inelastic.
b
Economics
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There is greater support for passive policymaking when
A) price flexibility is common. B) wage flexibility is common. C) pure competition is widespread. D) all of the above.
Economics
In the quantity equation, the total output of the economy Y is used instead of transactions T because:
A. income is harder to measure than transactions. B. transactions are harder to measure than income. C. transactions grow at a faster rate than income. D. transactions grow at a slower rate than income.
Economics