If the percentage change in price is 2 and the percentage change in quantity supplied is 10, supply is:
A. unaffected by price changes.
B. inelastic.
C. unit elastic.
D. elastic.
Answer: D
You might also like to view...
The U-shaped yield curve in the figure above indicates that short-term interest rates are expected to
A) rise in the near-term and fall later on. B) fall sharply in the near-term and rise later on. C) fall moderately in the near-term and rise later on. D) remain unchanged in the near-term and rise later on.
Sovereign debt refers to
A) debt owned by the government. B) bonds issued by the government. C) debt owed to the government. D) debt only issued by nations with kings or queens.
A monopolistic competitor finds its profit-maximizing rate of output by
A) equating the marginal revenue from advertising with the marginal revenue from selling the good. B) setting average revenue equal to average total cost. C) equating marginal revenue and marginal cost. D) equating price and marginal revenue.
John Maynard Keynes attributed the "stickiness" of real wages in the early years of the depression to ______. a. the fall in the money supply. b. the tendency of people to cut wages slowly while looking for a job. c. the tendency of employers to ruthlessly replace long-time employees with theunemployed
d. resistance by workers, especially unionized workers, to wage cuts.