If the supply for a good is elastic, that means that when price increases, the
A) supply will increase.
B) quantity supplied will decrease.
C) quantity supplied will increase by a smaller percentage than the price increased.
D) quantity supplied will increase by a greater percentage than the price increased.
D
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Why is the fear of expropriation an obstacle to economic growth?
a. Without research and development, no technological advances can be made. b. Large government spending causes negative externalities. c. Powerful special interest groups have too much control. d. No foreign investment comes to the country, because of the lack of guarantees. e. The fear of expropriation causes too many resources to be devoted to military spending which is a highly unproductive sector.
Minerals, animals, water and forests are all considered to be part of the resource category known as
A) capital B) entrepreneurship C) labor D) land E) none of the above
The Lawn Ranger, a landscaping company, has total costs of $5,000 and total fixed costs of $3,000. The Lawn Ranger's total variable costs are
A. $2,000. B. $3,000. C. $5,000. D. indeterminate because the firm's output level is not known.
The assumption under perfect competition of a "homogeneous product" means that
A. that no firm can charge more than another for its product. B. the good one firm produces is very different than the good another produces. C. the good one firm produces is exactly the same as the good another firm produces. D. that no buyer will pay more for one firm's good than another's.