Refer to the data. Suppose quantity demanded increased by 12 units at each price, changing the equilibrium price in a direction and an amount for you to determine. Over that price range, supply is:
A. perfectly elastic.
B. perfectly inelastic.
C. elastic.
D. inelastic.
D. inelastic.
You might also like to view...
Which of the following statements is true
a. in market equilibrium there are unconsummated value-creating transactions b. in market equilibrium there are unconsummated wealth-destroying transactions c. in market equilibrium there are no unconsummated wealth-creating transactions d. none of the above
________ is a winning strategy in a game of bargaining.
A. Patience B. First-mover advantage C. Self-interested behavior D. Cooperation
Which of the following is an example of the law of one price?
A. Because their countries have similar institutions, computer programmers in Germany and the United States either are or will be paid about the same. B. Because people have essentially the same basic needs wherever they live, they tend to buy the same bundle of goods. C. Exchange rates tend to have equivalent values. For example, one euro equals one U.S. dollar. D. Because wages are so much lower in China, eventually all U.S. jobs will be outsourced to China, leaving the United States to import all goods at one price.
In the middle of a severe recession, Congress passes an increase in the level of unemployment benefits. This would be considered by economists as a
A. positive tax. B. negative tax. C. form of government purchases. D. variable tax.