A demand for a product is more inelastic
a. When it has many close substitutes
b. In the long-run
c. When it has many complements
d. None of the above
c
Economics
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When a consumer maximizes utility subject to a limited income, she allocates income across goods to the point that: a. the marginal price is the same for all goods
b. marginal utility is zero. c. marginal utility is negative. d. the marginal utility per dollar spent is the same for all goods.
Economics
The tragedy of the commons arises from the:
A. good being rival. B. good being excludable. C. combination of rivalry and nonexcludability. D. combination of rivalry and excludability.
Economics