Author Question: Ice cream can be frozen. In the short run the magnitude of the own price elasticity of demand for ... (Read 242 times)

kfurse · **on:** Jul 1, 2018

Ice cream can be frozen. In the short run the magnitude of the own price elasticity of demand for ice cream:

A) is higher than in the long run.
B) is lower than in the short run.
C) is the same as in the long run.
D) does not depend on the fact that ice cream can be frozen.

Question 2

All of the payment to a factor of production will be economic rent when the factor of production has:

A) an infinitely inelastic supply curve.
B) an infinitely elastic supply curve.
C) a constant, unit elastic supply curve.
D) an infinitely inelastic demand curve.