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baileymeredith baileymeredith
wrote...
Posts: 477
5 years ago

Question 1.

When quantity supplied is NOT very responsive to a change in price, supply is

• elastic.

• inelastic.

• income sensitive.

• unit-elastic.

Question 2.

In economics, utility is defined as

• the usefulness of a good or service.

• the objective measure of the desirability of a good or service.

• the utilitarian value of a good or service.

• the want-satisfying power of a good or service.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
Read 65 times
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Answer verified by a subject expert
Nikki_LYNNNikki_LYNN
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Posts: 390
5 years ago
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5 years ago
Brilliant
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