The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that:
A. Cheerios are a luxury
B. Cereals are a necessity
C. There are more substitutes for Cheerios than for cereals as a whole
D. Consumption of cereals as a whole is greater than consumption of Cheerios
C. There are more substitutes for Cheerios than for cereals as a whole
Economics
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What is marginal factor cost? How is it related to the supply curve of an input?
What will be an ideal response?
Economics
The long-run aggregate supply curve shows the relationship between
A) short-run aggregate supply and short-run aggregate demand. B) the price level and quantity of real GDP supplied. C) the real interest rate and the nominal interest rate. D) the quantity of real GDP supplied and the quantity of nominal GDP supplied.
Economics