Long-run elasticity of supply is defined as
a. percentage change in quantity demanded in the long run divided by percentage change in price.
b. percentage change in price divided by percentage change in quantity demanded in the long run.
c. percentage change in quantity supplied in the long run divided by percentage change in price.
d. percentage change in price divided by percentage change in quantity demanded in the long run.
c
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The domestic currency will ________ with a(n) ________ in the foreign interest rate
A) depreciate; increase B) appreciate; increase C) depreciate; decrease D) appreciate; decrease
Under EPA regulations, a factory
a. must pay for the right to pollute. b. can increase air pollution from its grinding process if it decreases air pollution from its smelting process. c. cannot under any circumstances build a polluting factory in an area where pollution standards are not being met by existing firms. d. None of the above is correct.
A budget deficit will be least inflationary if the aggregate
a. demand curve is very steep. b. demand curve is very flat. c. supply curve is very flat. d. supply curve is very steep.
The supply of product X is perfectly inelastic if the price of X rises by:
A. 5 percent and quantity supplied rises by 7 percent. B. 8 percent and quantity supplied rises by 8 percent. C. 10 percent and quantity supplied stays the same. D. 7 percent and quantity supplied rises by 5 percent.