As a result of a decline in interest rates and a rise in household income, the demand curve for housing has shifted to the right, but has retained the same slope. Consequently, the elasticity of demand for housing
a. has declined.
b. has increased.
c. has remained unchanged.
d. cannot be compared.
a
Economics
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According to the Solow model of economic growth, if per capita savings, s (Y/N)0, exceeds required steady state investment, (n + d) K/N, then
A) per capita output declines. B) capital per capita increases. C) capital per capita decreases. D) steady state growth characterizes the economy.
Economics
A natural monopoly
a. is a monopoly in the production of raw materials. b. occurs when one firm can supply the entire market more cheaply than can a number of firms. c. is one result of a patent. d. results from decreasing returns to scale.
Economics