If a 1 percent increase in price leads to a .7 percent increase in quantity supplied, the short-run supply curve is:
a. elastic.
b. inelastic.
c. unit elastic.
d. perfectly inelastic.
b
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $6 per hour, how many hours do students work?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct.
If actual output is greater than equilibrium output, firms will ________ output to keep from ________ inventories
A) increase; accumulating B) increase; depleting C) decrease; depleting D) decrease; accumulating
The Fed
A. is responsible for conducting U.S. fiscal policy. B. has 15 Federal Reserve banks and governing boards in New York and Chicago. C. is responsible for minting coins. D. distributes Federal Reserve notes, which are paper currency.
The argument a tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union is
A. the protect domestic jobs argument. B. the national defense argument. C. the dumping argument. D. the infant industry argument.