Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. There can be gains from exchange
A) if Agnes specializes in the production of X and Brenda specializes in the production of Y.
B) if Agnes specializes in the production of Y and Brenda specializes in the production of X.
C) only if Agnes becomes faster at producing X.
D) only if Brenda becomes faster at producing X or Y.
A
Economics
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The income elasticity of demand for health care is generally less than 1, indicating consumers consider these services to be luxuries
Indicate whether the statement is true or false
Economics
In the short run, an increase in market demand will usually lead to a(n)
a. decrease in price and an increase in quantity. b. decrease in price and a decrease in quantity. c. increase in price and an increase in quantity. d. increase in price and a decrease in quantity.
Economics