For each pair of goods, explain which is more elastic: toothpicks vs. cars; electricity vs. yachts; IBM computers vs. Apple computers
The more elastic are cars, yachts, and IBM computers. Cars take a larger fraction of income than do toothpicks, electricity is a necessity vs. luxury yachts, and there are many IBM clones (while the substitutes for Apples are not as close).
Economics
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As a result of establishing a legal minimum wage above the market clearing wage
A) there will be a shortage of workers. B) firms will hire fewer workers. C) firms will hire more workers. D) fewer workers will want to work.
Economics
What is owner's equity?
a. What a company owes b. What is left after the liabilities are satisfied c. What a company owns d. None of these
Economics