A Sudden,end-Of-Summer Heat Wave Increases the Demand for Air Conditioners

question 66

Multiple Choice

A sudden,end-of-summer heat wave increases the demand for air conditioners and catches suppliers with no reserve inventories.The momentary supply for air conditioners is

• A)perfectly elastic.
• B)perfectly inelastic.
• C)elastic.
• D)shown by an upward-sloping curve.
• E)shown by a horizontal curve.

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Definitions:

Patronage

The support, encouragement, privilege, or financial aid that an organization or individual bestows to another; in politics, it can refer to the distribution of jobs and grants to supporters of those in power.

Gilded Age

A period in late 19th-century America characterized by rapid economic growth, industrialization, and ostentatious wealth, but also marked by social inequalities and political corruption.

Fiscal Policy

Government policies concerning taxation and government spending to influence the economy.

Reform

The improvement or amendment of what is wrong, corrupt, unsatisfactory, etc., especially through political or social means.