Which of the following factors will make the demand for a product more elastic?
A) The product has no close substitutes.
B) A very small proportion of income is spent on the good.
C) A long time period has elapsed since the product's price changed.
D) The change in the product's price was unexpected.
C
Economics
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The price of one currency in terms of another country's currency is known as the
A) nominal exchange rate. B) real exchange rate. C) relative inflation rate. D) purchasing power parity rate.
Economics
Refer to Scenario 14.4. Suppose that a tax is imposed on each unit of the product that John produces. Which curve will shift?
A) Marginal product of labor B) Marginal revenue product of labor C) The supply of labor D) All of the above will shift due to the tax on output.
Economics