Blog

Name two factors of production.

  Line De represents ranchers’ demand for hay last year. This year, winter is extremely mild and ranchers are consequently leaving their cattle in the pasture to graze for a longer period of time than they did last year. Which line represents this year’s demand for hay? 

The slope of a demand curve represents how much demand will respond to a change in price. This is elasticity. The flatter the slope, the _______the response will be.

Which of the following typically spurs production?

A good or service that is considered essential to a person’s well-being is referred to as what?

Which of the following describes a price mechanism through which the government may correct a failing market?

A _________ is a motivation to engage in an action in the market?

  Demand “D” represents a demand curve that is what?

It is reasonable to expect that the supply of any good will _____.

When the demand for a good or service does NOT vary when there is a change in price, the good is _______?