A gas station opened up on the highway in a patch where there are no gas stations close by. It is more likely to be able to set higher prices because
a. the demand for its product is more inelastic due to an unavailability of substitutes
b. the demand for its product is more elastic due to an unavailability of substitutes
c. the demand for its product is more inelastic due to an availability of substitutes
d. the demand for its product is more elastic due to an availability of substitutes
a
Economics
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Refer to the figure above. What is the initial equilibrium wage rate and employment level?
A) $60 and 20 units of labor B) $40 and 40 units of labor C) $50 and 40 units of labor D) $20 and 40 units of labor
Economics
Per capita income growth is derived by dividing a country's income growth by its
a. money growth b. production growth c. productivity growth d. population growth e. output growth
Economics