Author Question: The amount of time elapsed since a price change impacts the elasticity of demand because as more ... (Read 76 times)

Davideckstein7 · **on:** Jun 29, 2018

The amount of time elapsed since a price change impacts the elasticity of demand because as more time passes,

A) people can find more substitutes, and so the elasticity of demand decreases.
B) people can find more substitutes, and so the elasticity of demand increases.
C) people's incomes will increase, and so the elasticity of demand decreases.
D) the good's price will have a chance to return to its previous level.

Question 2

The marginal product of labor is equal to the

A) total product divided by the total number of workers hired.
B) increase in the total product that results from hiring one more worker with all other inputs remaining the same.
C) slope of the marginal product of labor curve.
D) None of the above answers are correct.