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. If the price elasticity of supply for wheat is less than 1, then the supply of wheat is a. inelastic. b. elastic. c. unit elastic. d. quite sensitive to change in price
Weegy: c. unit elastic. User: Other things equal, the demand for a good tends to be more inelastic, the a. fewer the available substitutes. b. longer the time period considered. c. more the good is considered a luxury good. d. more narrowly defined is the market for the good Weegy: d. more narrowly defined is the market for the good (More)
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Asked 9/3/2012 6:57:47 PM
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If the price elasticity of supply is zero, then a. supply is more elastic than it is in any other case. b. the supply curve is horizontal. c. the quantity supplied is the same, regardless of price. d. a change in demand will cause a relatively small change in the equilibrium price.
Weegy: If the price elasticity of supply is zero, then the quantity supplied is the same, regardless of price. jcsites.juniata.edu/faculty/gao/practicetest_micro5.pdf (More)
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Asked 9/3/2012 6:53:02 PM
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Baseballs and baseball bats are substitute goods. True/False
Weegy: False, baseballs cannot be used in place of baseball bats. User: An increase in the price of pizza will shift the demand curve for pizza to the left. True/False (More)
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Asked 9/3/2012 7:20:40 PM
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The negative relationship between price and quantity demanded a. applies to most goods in the economy. b. is represented by a downward-sloping demand curve. c. is referred to as the law of demand. d. All of the above are correct.
Weegy: d. All of the above are correct. User: Please define elasticity of demand. Provide an example. Weegy: "Price" Elasticity of Demand which is the measure of responsiveness in the quantity demanded for a commodity as a result of change in price of the same commodity. Some goods are elastic or inelastic. [ Like a life saving surgery would be extremely inelastic (you would want to do it at any price) while a dollar would be extremely elastic (you wouldn't pay two dollars for a dollar, etc). Most goods are somewhere in between. ] (More)
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Asked 9/3/2012 7:03:18 PM
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