Are the following statements true or false? Explain.
a. The supply of new houses is more elastic in the short run than in the long run.
b. Following a rightward shift in a demand curve, demand will be less elastic at any given price.
c. Income elasticity will be positive for substitute goods.
d. Because the demand for potatoes is relatively inelastic, consumer expenditure on potatoes will increase with an increase in the price of potatoes.
Recently Asked Questions
- I need help with this question please. Thank you. Two fraternities, Sig Ep and Ep Sig, plan to raise money jointly to benefit homeless people on Long Island.
- Outline the concept of professional accountability as it pertains to nursing and provide examples of how a nurse demonstrate professional accountability in
- What is an initiative? Fully describe when it is used. Fully describe where it is used. Fully describe why it is used. Who launches an initiative? What is the