The price elasticity of supply along a typical supply curve is
a. constant.
b. equal to zero.
c. higher at low levels of quantity supplied and lower at high levels of quantity supplied.
d. lower at low levels of quantity supplied and higher at high levels of quantity supplied.
c
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A sharp rise in the real value of stock prices, which is independent of a change in the price level, would best be an example of ________.
A. a change in the degree of excess capacity B. a change in real value of consumer wealth C. the interest-rate effect D. the real-balances effect
The fact that money can be exchanged for goods reflects money's role as a
A) cause of inflation. B) medium of exchange. C) unit of account. D) store of value.
In the above figure, which demand curve illustrates perfectly elastic demand?
A) G B) H C) I D) J
The size of the multiplier depends in part on the
A) level of autonomous expenditures. B) change in autonomous consumption. C) level of consumption. D) marginal propensity to consume.