For necessities, income elasticity is any value:
A. less than 0.
B. between 0 and 1.
C. greater than 1.
D. greater than 0.
Answer: B
Economics
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For which situation would we expect the adjustment speed to be the fastest?
A) The demand for surgeons increases. B) A large increase in birth rates leads to an increase in elementary school teachers. C) The demand for movie videos increases. D) The demand for office space in downtown Chicago increases.
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Why do high fixed costs force firms to shut down temporarily or shut down forever?
What will be an ideal response?
Economics