Which of the following is associated with inelastic demand?
a. a limited amount of time for consumers to respond to a price change
b. availability of many close substitutes
c. large percentage of income spent on the good in question
d. all of the above
a
Economics
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The table above shows the total product schedule for Rick's Lawn Service, a yard care company. The average product of labor ________ when the 7th worker is hired
A) reaches its maximum B) equals 1 lawn mowed C) equals 28 lawns mowed D) equals 4 lawns mowed E) equals 2 lawns mowed
Economics
Refer to the figure below. What is the Nash equilibrium of this game? 
A. A chooses Up, B chooses Right B. A chooses Up, B chooses Left C. A chooses Down, B chooses Left D. A chooses Down, B chooses Right
Economics