Most corn produced in the United States is used for animal feed. The demand for corn is inelastic. These facts mean that
A) there are many substitutes for corn in feeding animals.
B) there are few substitutes for corn in feeding animals.
C) there are no substitutes for corn in feeding animals.
D) animals are not buying the corn themselves, so we cannot learn anything from these facts.
B
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Indicate whether the statement is true or false
An economist claims that changes in information technology and unemployment insurance have reduced unemployment. Which of these changes affect frictional unemployment?
a. both the changes in information technology and unemployment insurance b. only the changes in information technology c. only the changes in unemployment insurance d. neither the changes in information technology nor the changes in unemployment insurance