The price elasticity of supply measures how responsive
a. sellers are to a change in price.
b. sellers are to a change in buyers' income.
c. buyers are to a change in production costs.
d. equilibrium price is to a change in supply.
a
You might also like to view...
Marginal revenue for a price taker is
A) equal to price. B) less than price. C) more than price. D) unrelated to price.
Which government program would be considered an "entitlement" program?
A) national defense B) subsidies for mass transportation C) law enforcement in major U.S. cities D) Social Security
A tradesman who purchases diamonds in a country where the price is low and sells them in another country where the price is high, can be said to be practicing:
a. arbitrage. b. speculation. c. derivatives trading. d. forecasting.
Sally runs a hair styling salon. Sally is a profit-maximizing owner whose firm operates in a competitive market. The marginal cost of a haircut is $15 . What is the maximum wage that Sally will pay her stylists?
a. less than $15 per haircut b. $15 per haircut c. more than $15 haircut d. There is insufficient information to answer this question.