Do we ascribe the national shortage of gasoline to the law of demand and supply or is something else at play?
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QandA LiberiaTeacher
Supply curve parallel to the x-axis indicates A. fairly elastic supply B. infinitely elastic supply. C. fairly inelastic supply. D. perfectly inelastic supply.
QandA LiberiaTeacher
The backward bending supply curve of labour indicates A. the law of supply. B. that the elasticity of supply is uniform. C. that labour supply and wage are directly related. D. an abnormal supply situation.
QandA LiberiaTeacher
Which of the following is true about the supply of land? It A. rises with demand. B. varies with time. C. is fixed. D. is higher in the urban than rural areas.
QandA LiberiaTeacher
Economic problems arise in all societies because: A. resources are not in adequate supply. B. there is no proper planning. C. the services of economists are not employed. D. resources arc mismanaged by leaders.
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