Land sale booms were caused by large waves of immigration

The elasticity of demand for a normal good: a. is often higher in the short run than in the long run. b. is often lower in the short run than in the long run. c. is the same in the short run as in the long run

d. is zero in the short run and infinite in the long run.

Market power refers to

A) the ability of consumers to dictate what products should be produced. B) the ability of a firm to advertise its product and succeed in selling more output. C) the ability of a firm to sell at a lower price than rival sellers. D) the ability of a firm to charge a price higher than the marginal cost of production.