At a price of $20 per unit, 140 units of good are demanded and 100 units are supplied. When the price is raised to $30 per unit, 100 units are demanded and 140 units are supplied. The price elasticity of supply in this range is:
A. 0.417.
B. 1.20.
C. 0.835.
D. 1.0.
Answer: C
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The inverse trade-off between inflation and unemployment is known as the:
a. Laffer curve. b. aggregate supply curve. c. Phillips curve. d. aggregate demand curve. e. Keynesian curve.
One great challenge to choosing programs to fund is:
A. knowing whether the program is truly the cause of any observed improvement. B. raising the revenue to assess a program's viability. C. poor record keeping. D. All of these present large challenges.
The long run refers to the time interval in which suppliers are able to change the quantity of some, but not all, of the resources in the production of a good
Indicate whether the statement is true or false