If a market is dominated by a few large, interdependent firms, it is said to be a(n)

According to the textbook, for most goods and services-foods, beverages, entertainment, etc.-the income elasticity of demand is:

A. larger in the short run than in the long run. B. larger in the long run than in the short run. C. about the same in the short run and in the long run. D. is difficult to differentiate from the short run to the long run.

The amount by which government purchases and transfers exceed tax revenues is known as the

A. primary current deficit. B. primary deficit. C. primary surplus. D. government debt.