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Author Question: The demand for a good is less price elastic A) if closer substitutes are available. B) if the ... (Read 72 times)

savannahhooper

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on: Jun 29, 2018
The demand for a good is less price elastic
 
  A) if closer substitutes are available.
  B) if the good is a luxury rather than a necessity.
  C) if the share of the good in the average consumer's budget is smaller.
  D) in the long run than in the short run.

Question 2

In the above figure, the short-run aggregate supply curve is SAS and the aggregate demand curve is AD. An inflationary gap exists
 
  A) if the long-run aggregate supply curve is LAS1.
  B) if the long-run aggregate supply curve is LAS2.
  C) if the long-run aggregate supply curve is LAS3.
  D) All of the above answers are correct.


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jlaineee

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

A


savannahhooper

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

ashely1112

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Reply 3 on: Yesterday
:D TYSM

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