Business, 16.04.2020 01:03 19thomasar
Suppose that the value of the short-run absolute elasticity of demand for a good is 0.38. Then, we know the long-run absolute price elasticity of demand will be:
a. 0
b. greater than 0.38
c. elastic
d. less than 0.38
Answers: 2
Business, 21.06.2019 20:30
According to the law of demand, there is an inverse relationship between price and quantity demanded. that is, the demand curve for goods and services slopes downward. why?
Answers: 3
Business, 22.06.2019 12:50
Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise
Answers: 3
Business, 22.06.2019 20:00
What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.
Answers: 3
Suppose that the value of the short-run absolute elasticity of demand for a good is 0.38. Then, we k...
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