Goods or services that can be produced only by using unique or rare productive resources tend to have a low elasticity of supply

If the quantity demanded for labor is more than the quantity supplied, there will be unemployment

a. True b. False Indicate whether the statement is true or false

Which of the following pairs is the most likely to exhibit an inverse relationship?

A. The amount of time you study and your grade point average. B. People's annual income and their expenditure on personal computers. C. Baseball players' salaries and their batting averages. D. The price of a concert and the number of tickets people purchase.