The demand for flounder (a specific type of fish) is
a. more elastic than the demand for fish because there are more substitutes for flounder than for fish in general
b. less elastic than the demand for fish because there are more substitutes for flounder than for fish in general
c. more elastic than the demand for fish because there are more substitutes for fish in general than for flounder
d. less elastic than the demand for fish because there are more substitutes for fish in general than for flounder
e. more elastic than the demand for fish because flounder is one of the less expensive kinds of fish
A
You might also like to view...
The money for Social Security payments to current retirees comes from
a. payroll taxes collected from those retirees when they were working. b. income taxes collected from the current working population. c. payroll taxes collected from the current working population. d. only the interest earned now by the government on the invested Social Security trust fund.
Governments sometime create an excess supply of a product by setting a minimum price that is greater than the equilibrium price, resulting in a permanent excess supply of the product. This is known as a price ceiling.
Answer the following statement true (T) or false (F)