Based on your answer above(question 23), which of the following statements best characterizes demand for organic tomatoes.
A. Demand for organic tomatoes is inelastic.
B. Demand for organic tomatoes is elastic.
C. Organic tomatoes are a normal good.
D. Organic tomatoes are an inferior good.
Ans: B. Demand for organic tomatoes is elastic.
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As Bubba's Bubble Gum Company adds workers while using the same amount of machinery, some workers may be underutilized because they have little work to do while waiting in line to use the machinery. When this occurs, Bubba's Bubble Gum Company encounters
a. economies of scale. b. diseconomies of scale. c. increasing marginal product. d. diminishing marginal product.
A period of expansion in the business cycle ends when
A) real GDP is equal to potential GDP. B) the business cycle reaches its peak. C) the business cycle reaches its trough. D) real GDP is less than potential GDP.