The most important determinant of price elasticity of supply is
a. price elasticity of demand
b. technological conditions such as how rapidly costs increase when a firm increases its output
c. whether the production process relies heavily on capital or on labor
d. the number and closeness of available substitutes
e. whether the product is a normal good or an inferior good
B
Economics
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Which of the following is a reason for the failure of development plans?
(a) unreliable data. (b) unanticipated economic disturbances. (c) lack of political will. (d) all of the above. (e) none of the above.
Economics
At the full-employment level of GDP, the total value of goods demanded always equals the total value of goods supplied.
Answer the following statement true (T) or false (F)
Economics