The short-run price elasticity of demand for refrigerators is relatively inelastic
Indicate whether the statement is true or false
False. People can put off buying a refrigerator in the short run. Therefore demand is elastic in the short run.
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A swap contract __________ be resold, which is particularly important for the __________ in swaps
A) can; speculator B) can; hedger C) cannot; speculator D) cannot; hedger
In the short run, producers derive surplus from market exchange because
a. total revenue is greater than the minimum they would require to sell the good b. total revenue is equal to the minimum amount they would require to sell the good c. total revenue is less than the minimum amount they would require to sell the good d. marginal revenue equals average revenue e. they can rob consumers of most of their consumer surplus