According to Keynes,
A) prices decline as inventories increase.
B) prices increase as inventories increase.
C) prices decrease as inventories decrease.
D) prices are sticky and will probably not respond to a change in inventories.
D
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The elasticity of supply does NOT depend on
A) resource substitution possibilities. B) the fraction of income spent on the product. C) the time elapsed since the price change. D) none of the above because all of the factors listed affect the elasticity of supply.
Explain how the market for opticians is affected as a result of the development of laser technology which reduces the demand for glasses and contact lenses
In your explanation be sure to show the connection between the market for glasses and contact lenses and the market for opticians.