When talking about demand, price elasticity refers to the
a. price flexibility in response to demand changes.
b. adaptability of suppliers to price changes.
c. responsiveness of buyers to price changes.
d. ability to stretch one’s budget by making wise choices.
c. responsiveness of buyers to price changes.
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By offering less generous unemployment insurance programs, the United States can expect
A) citizens to pay more in taxes than citizens pay in Europe. B) longer periods of unemployment for their workers. C) workers to be slow in gaining new skills in response to fluctuations in the labor market. D) shorter periods of unemployment for their workers.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.