If a good is produced using inputs for which there are no substitutes, the good's
A) elasticity of supply is likely to be small.
B) elasticity of supply is likely to be large.
C) elasticity of demand will be small.
D) elasticity of demand will be large.
A
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The aggregate demand curve shows the
A) total amount of nominal goods that the participants in the economy want to purchase. B) amount of goods producers will produce as production costs fall. C) total amount of real goods that foreigners want to purchase. D) total amount of planned expenditures on goods and services at each possible price level.
Two goods are said to be complements when a fall in the price of one good:
A) leads to a fall in price of the other good. B) doesn't affect the demand for the other good. C) leads to a left shift in the demand for the other good. D) leads to a right shift in the demand for the other good.