Explain whether you would expect the elasticity of supply to be highly elastic or inelastic for fresh cut flowers and why
What will be an ideal response?
The elasticity of supply is very inelastic for fresh cut flowers. These flowers are perishable and quickly become worthless. The seller will accept almost any market price.
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The marginal revenue product schedule is
A. the firm's resource demand schedule. B. the firm's resource supply schedule. C. the same whether the firm is selling in a purely competitive or imperfectly competitive market. D. upsloping.
If consumers' buying decisions are not very sensitive to changes in price, then their demand is:
A. more elastic. B. less elastic. C. perfectly inelastic. D. unit elastic.
The law of increasing opportunity costs implies that a society's production possibilities curve will be a straight line
a. True b. False Indicate whether the statement is true or false
Since a monopolist firm will lose some customers when the price is increased, it will make every effort to keep the price as low as possible.
Answer the following statement true (T) or false (F)