Homework Answers
B is correct
Demand for labor is less elastic when the less elastic the demand for the final product.
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The elasticity of demand for labor will be less elastic when O A. the easier it...
*provide an explanation/reasoning for each answer The own-wage elasticity of labor demand is higher when no...
*provide an explanation/reasoning for each answer The own-wage elasticity of labor demand is higher when no other inputs can easily be substituted for labor. the demand for the output good is less elastic. the supply of other inputs is more elastic the costs of labor are a smaller share of total production costs. none of the above Another input is more likely to be a substitute for labor if the demand for the output good is less elastic. the supply...
Demand is more elastic: a. in the short run than in the long run. b. for...
Demand is more elastic: a. in the short run than in the long run. b. for goods with many substitutes than for goods with only a few. c. for goods with no substitutes. d. for necessities than for luxuries. e. for broadly defined goods than for narrowly defined ones. All other things constant, if a _____ proportion of a consumer’s budget is spent on a good, the demand for the good will be more _____ and a consumer will purchase...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________ and the percentage change in its quantity demanded is ________ than the percentage change in its price. A. Elastic: Smaller B. Elastic: Greater C. Inelastic: Smaller D. Inelastic: Greater Which of the following is not a determinant of the price elasticity of demand? A. Availability of substitutes B. Degree of necessity C. Cost relative to income D. Availability of inputs With a(n) ______ demand,...
9.The more time people have to adjust to a price change, A.the less elastic their demand...
9.The more time people have to adjust to a price change, A.the less elastic their demand will be. B. will not affect the elasticity of their response, unless the good in question is a luxury good. C.the more elastic their demand will be. D.will not affect the elasticity of their response, unless the good in question is a necessity. 10.When a good has many close substitutes available, its demand is likely to be A.less price elastic than for goods without...
When an input represents a larger proportion of a firm's total costs, then O A. demand...
When an input represents a larger proportion of a firm's total costs, then O A. demand for the input will tends to be less elastic. O B. demand for the input will tends to be more elastic. O C. the input demand will not vary significantly with a change in input price. O D. the usage of the input cannot be varied in the production function. If the price of labor increases, the typical perfectly competitive firm in the short...
A good is considered normal when its income elasticity of demand is ___ and inferior when the...
A good is considered normal when its income elasticity of demand is ___ and inferior when the its income elasticity of demand is ___. Greater than zero, less than zero. Less than zero, greater than zero. Greater than one, less than one. Less than one, greater than one. If an increase in prices decreases total revenue in the short run, what will it do to total revenue in the long run? It will decrease total revenue in the long run. It...
The demand for Farmfresh brand apple juice is likely to be: Multiple Choice less price elastic,...
The demand for Farmfresh brand apple juice is likely to be: Multiple Choice less price elastic, because the adjustment time is so slow. very price elastic, because there are many close substitutes available. less price elastic, because there are many close substitutes available. very price elastic, because the adjustment time is so fast.
26)What pair of goods is likely to have the largest cross-price elasticity in absolute value? Multiple...
26)What pair of goods is likely to have the largest cross-price elasticity in absolute value? Multiple Choice a)Ramen noodles and a Rolex watch b)Cross-price elasticity is always negative, and simply reported in absolute value. c)Butter and margarine d)Peanut butter and jelly 27)If the price of butter increases 5 percent and the amount of margarine purchased increases 25 percent, then the cross-price elasticity of these goods is: Multiple Choice a)0.2. b)- 0.2. c)5. d)- 5. 28)The determinants of price elasticity of...
Multiple Choice The elasticity of demand for a product is likely to be greater ________. A....
Multiple Choice The elasticity of demand for a product is likely to be greater ________. A. if the product is a luxury rather than an absolute necessity B. when the proportion of one’s income spent on the product is smaller C. if the product is an imported good rather than a domestically produced good D. when the number of substitute products available is smaller
When prices decrease, total revenue O A. rises when demand is price elastic. O B. falls when demand is unit elastic O C...
When prices decrease, total revenue O A. rises when demand is price elastic. O B. falls when demand is unit elastic O C. rises when demand is price inelastic O D. falls when demand is price elastic.
When an input represents a larger proportion of a firm's total costs, then O A. demand for the input will tends to be less elastic. O B. demand for the input will tends to be more elastic. O C. the input demand will not vary significantly with a change in input price. O D. the usage of the input cannot be varied in the production function. If the price of labor increases, the typical perfectly competitive firm in the short...
When prices decrease, total revenue O A. rises when demand is price elastic. O B. falls when demand is unit elastic O C. rises when demand is price inelastic O D. falls when demand is price elastic.
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