Elasticity along a demand curve:
A. is constant if the demand curve is linear.
B. changes only when the demand curve is bowed out.
C. changes when the demand curve is linear.
D. changes only when the demand curve is bowed in.
C. changes when the demand curve is linear.
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The cross-elasticity of demand between Homer's Holesome Doughnuts and Krusty's Krispy Crullers is 5.0, which indicates that Homer's doughnuts and Krusty's crullers are
A) complements and the relationship between the two goods is strong (that is, the quantity demanded of doughnuts is very responsive to changes in the price of crullers). B) complements and the relationship between the two goods is weak (that is, the quantity demanded of doughnuts is not very responsive to changes in the price of crullers). C) substitutes and the relationship between the two goods is strong (that is, the quantity demanded of doughnuts is very responsive to changes in the price of crullers). D) substitutes and the relationship between the two goods is weak (that is, the quantity demanded of doughnuts is not very responsive to changes in the price of crullers).
Circulating private bank notes
A) have never been used in the United States. B) were widely used in the Free Banking Era. C) were widely used in the United States during the Great Depression. D) are still currently in use in Canada.