For produced goods, supply is typically more elastic over the long term compared to the short term because it is generally believed that over the long term, all production factors can be used to increase supply, whereas over the short term, only labor can be increased and even then, changes may be prohibitively expensive.
Because consumers don't have time to look for alternatives, demand is typically more price inelastic in the short term. Consumers eventually grow more aware of their options. The responsiveness of demand to a change in price is measured by price elasticity of demand. Electricity demand's price elasticity is higher over the long term and lower over the short term.
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Answer:
Buyers opportunity cost for non genetically modified food was alternative food available before 2008
Explanation:
opportunity cost simply means cost of alternative forgone. Example if one purchases a car and utilizes for a taxi, his opportunity cost could be the value he would have received for his investment if he had bought a truck and used it for loading cement for building projects. We apply this to the question above and so the opportunity cost is alternative of non genetically modified food available that would have been bought before 2008
Answer:
Most likely
Explanation:
Artesian or spring waters come from a natural source but are bottled off-site and are processed and purified. Mineral water could be natural spring water or artesian water, comes from an underground source, and contains at least 250 parts per million (ppm) of dissolved solids, including minerals and trace elements.
Artesian water is just water that naturally flows out of the ground, usually through a well. Springwater is also water than naturally flows out of the ground. ... Most drillers and laymen label waters as 'artesian' if they rise naturally to a level above the ground surface, and if unrestricted, flow freely out.
The rate of interest charged to Glenda would be 5.18% upon the payment of her car in five annual installments.
<h3>What is a rate of interest?</h3>
The percentage of interest charged over the principal amount of loan or advances for a particular period of time, is known as the rate of interest of such loan.
The computation of rate of interest using the formula and given information will be,
Hence, the computation of the rate of interest is as aforementioned.
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