Elasticities measure how responsive buyers and sellers are to ______.
a. overproduction
b. deadweight losses
c. price changes
d. product quality
c. price changes
Economics
You might also like to view...
Anything that keeps new firms from entering an industry in which firms are earning economic profits.
Economics
Ann's money income is $250, the price of X is $3, and the price of Y is $2. Given these prices and income, Ann buys 60 units of X and 35 units of Y. Call this combination of X and Y bundle J. At bundle J Ann's MRS is 2. Given these prices and income, what is Ann's equilibrium consumption of X?
A. X = 60 B. X < 60 C. X > 60 D. None of the statements is correct.
Economics