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.
Economics
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A closed economy is one that
A) has no government sector. B) neither borrows from nor lends to foreign countries. C) produces mainly agricultural goods. D) produces mainly manufactured goods.
Economics
What are the simplifications used in this chapter to derive the aggregate expenditures model?
What will be an ideal response?
Economics