Author Question: See Scenario 4.1. What is Daniel's income-consumption curve? A) Pc = Pd B) Pc = Qc C) Qd = I ... (Read 85 times)

Deast7027 · **on:** Jul 1, 2018

See Scenario 4.1. What is Daniel's income-consumption curve?

A) Pc = Pd
B) Pc = Qc
C) Qd = I - 3Qc
D) Qc = Qd
E) all of the above

Question 2

In the long run, new firms can enter an industry and so the supply elasticity tends to be

A) more elastic than in the short run.
B) less elastic than in the short run.
C) perfectly elastic.
D) perfectly inelastic.