Elasticity of demand is closely related to the slope of the demand curve. The more responsive buyers are to a change in price, the
a. steeper the demand curve will be.
b. flatter the demand curve will be.
c. further to the right the demand curve will sit.
d. closer to the vertical axis the demand curve will sit.
b
Economics
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When output is less than the economy's long-run capacity, which of the following is most likely to occur?
a. an abnormally low rate of unemployment b. reductions in real interest rates and real resource prices c. a sharp increase in imports d. a government budget surplus
Economics
In the long run, total spending only influences:
A. potential output. B. actual output. C. productive capacity. D. inflation.
Economics