A product's price elasticity of demand depends critically on the availability of substitutes
Indicate whether the statement is true or false
TRUE
Economics
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Anything that keeps new firms from entering an industry in which firms are earning economic profits.
Economics
If a shift in aggregate demand only affects real Gross Domestic Product (GDP), then the short-run aggregate supply (SRAS) curve must be
A) upward sloping. B) downward sloping. C) horizontal. D) vertical.
Economics