The owner of an Oakley store has a more__________ demand curve and the owner of a chicken farm has a more__________ demand curve
a. inelastic; inelastic
b. elastic; inelastic
c. inelastic; elastic
d. elastic; elastic
c
Economics
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When all firms and potential firms in a market have the same cost curves, the long-run equilibrium of a competitive market with free entry and exit will be characterized by firms
a. earning small but positive economic profits. b. facing the prospect of future losses. c. operating at the efficient scale. d. that work together to raise market prices.
Economics
The long-run aggregate supply will increase when
A. the price level increases. B. tax rates increase. C. international trade barriers are removed. D. labor supply decreases.
Economics