The more broadly a good is defined,
a. the more substitutes it has so the more elastic is its demand
b. the fewer substitutes it has so the more elastic is its demand
c. the more substitutes it has so the less elastic is its demand
d. the fewer substitutes it has so the less elastic is its demand
e. the more complements it has so the more elastic is its demand
D
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If the factor price equalization theorem is true then, eventually, U.S. wages will fall to the level found today in the least developed countries of the world
Indicate whether the statement is true or false
In the Keynesian framework, as long as output is above the equilibrium level, unplanned inventory investment will remain ________ and firms will continue to ________ production
A) negative; lower B) negative; raise C) positive; lower D) positive; raise