Elasticity is
a. a measure of how much buyers and sellers respond to changes in market conditions.
b. the study of how the allocation of resources affects economic well-being.
c. the maximum amount that a buyer will pay for a good.
d. the value of everything a seller must give up to produce a good.
a
Economics
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What factors of production can a firm change in the short run? In the long run?
What will be an ideal response?
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If the price index in a country for the years 2012 and 2014 were 100 and 112, respectively, the inflation rate in 2014 was _____
a. 12 percent b. 20 percent c. 10 percent d. 5 percent
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