ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Regarding the price elasticity of the offer:
A) It is higher for manufactured goods than for antiques.
b) The higher it is, the better companies can adapt to market fluctuations.
C) The higher it is, the easier it is for new
companies to establish themselves in the market
In question.
d) It tends to be higher when the period under study is long.
If prices and amount of balance decrease, it is because of:
A) a decrease in supply and maintenance of demand.
b) a decrease in demand and an increase in supply.
C) an increase in demand and a decrease in supply.
d) a decrease in demand and the maintenance of supply
Which of the following statements is a possible reaction to the rise in the price of lemon?
* a) Consumers are encouraged to buy more lemons
• b) No reaction, since prices in a market system are decided by planners
•C) Consumers are encouraged to buy fewer grapefruits
- d) Producers are encouraged to produce more lemons
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