If the price elasticity is supply coefficient is greater than one, then supply is:
a. elastic.
b. inelastic.
c. perfectly elastic.
d. perfectly inelastic.
a
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In 2009, the U.S. economy was experiencing a(n)
a. recessionary gap. b. inflationary gap. c. balance of trade deficit. d. hyperinflation.
Protecting intellectual property rights:
A. never increases total surplus for society. B. always increases total surplus for society. C. can reduce total surplus for society. D. never affects total surplus for society.
Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7 per hour. What is her marginal revenue?
A) It is $7 for the first hour and starts increasing thereafter. B) It is constant at $7. C) It coincides with the figures in the table; $12 for the first hour, $10 for the second, $9 for the third, and $8 for the fourth. D) It is $7 for the first hour and starts declining thereafter.
Investment spending includes spending on:
A. capital goods, residential housing, and changes in inventories. B. goods and services by federal, state, and local governments. C. durables, nondurables, and services. D. stocks, bonds, and other financial instruments.