Generally, the supply of a resource in the short run will be
a. more elastic than in the long run.
b. less elastic than in the long run.
c. equally elastic as the supply of the resource in the long run.
d. directly related to the elasticity of demand for the product that the resource helps produce.
B
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For a good whose production creates a pollution, when marginal social cost equals marginal social benefit, then
I there is no pollution. II resources are utilized efficiently. A) I only B) II only C) neither I nor II D) both I and II
What action did many Japanese car manufacturers take in response to the stronger yen following the 2007-2009 financial crisis?
A) They only accepted payments in the form of yen. B) They chose to target China as the primary market for exports. C) They abandoned the market in the United States. D) They moved their production to the United States.