If sellers respond substantially to changes in price, then
举一反三
- Ingeneral,elasticityisameasureof A: the extent to which advances in technology are adopted by producers. B: the extent to which a market is competitive. C: how firms’ profits respond to changes in market prices. D: how much buyers and sellers respond to changes in market conditions.
- Ingeneral,elasticityis A: the friction that develops between buyers and sellers in a market. B: a measure of how much government intervention is prevalent in a market. C: a measure of how competitive a market is. D: a measure of how much buyers and sellers respond to changes in market conditions.
- A macroeconomist is interested in A: explaining how changes in sellers’ behavior affect prices of a particular good. B: explaining price changes in a particular market. C: explaining why the unemployment rate is higher. D: All of the above are correct.
- Which of the following is a characteristic of perfect competition? A: . A single seller. B: . A small number of buyers. C: . Buyers and sellers are price setters. D: . Buyers and sellers are price takers.
- When a binding price floor is imposed on a market to benefit sellers,