Which of the following is associated with a less elastic demand curve?
a. availability of many close substitutes
b. a greater amount of time for consumers to respond to a price change
c. a smaller percentage of income spent on the good in question
d. all of the above
c
You might also like to view...
A graph shows the average SAT scores for males and females in 2012. The kind of graph used to show these data would be a
A) scatter diagram. B) time-series graph. C) cross-section graph. D) time-stationary graph. E) trend figure.
Using the Lorenz curve, the degree of income inequality is measured by the:
a. line connecting all points for which a given percentage of families receives exactly that cumulative percentage of income. b. distance of the Lorenz curve from the line of perfect equality. c. flat diagonal line that applies to a perfectly elastic demand curve. d. number of times the Lorenz curve crosses the line of perfect equality.