In monopolistic competition, which of the following would make an individual firm's demand curve less elastic?
A. The purchase of more efficient machinery
B. An increase in the price of the firm's product
C. Increased brand loyalty toward the firm's product
D. An increase in the number of rival firms
C. Increased brand loyalty toward the firm's product
Economics
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Which of the following statements is true?
A) Growth in technology is linear in nature. B) Growth in land productivity is exponential in nature. C) Growth in technology is exponential in nature. D) Growth in labor productivity is exponential in nature.
Economics
The law of demand implies that the demand curve
A) has a negative slope. B) has a positive slope. C) shifts to the right when the price of a good increases. D) shifts to the left when the price of a good decreases.
Economics