In general, elasticity is a measure of
a. the extent to which advances in technology are adopted by producers.
b. the extent to which a market is competitive.
c. how firms' profits respond to changes in market prices.
d. how much buyers and sellers respond to changes in market conditions.
d
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Economic rent is a concept that can be applied
A) only to land, as that is the only resource that is in limited supply. B) only to land and natural talent. C) to any factor of production that is fixed in supply. D) to any resource or factor of production that has a supply curve with a positive (upward) slope.
The charge that Standard Oil engaged in "predatory pricing"
a. was the driving force behind the Supreme Court's decision to break up the company. b. makes little sense from an economic perspective. c. is still subject to debate. d. All of the above are correct. e. Only b and c are correct.