Helen's Honey Hut supplies 20 jars of honey per week when the price of honey is $6 per jar and supplies 30 jars per week when the price of is $8 per jar, so the price elasticity of supply over this price range is 1.4
a. True
b. False
Indicate whether the statement is true or false
True
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A situation where limited resources make it impossible to fulfill all of our wants is known as
A) scarcity. B) opportunity cost. C) a trade-off. D) responding to incentives.
Anjelica expects that her recent fatigue is being caused by pollution being dumped into a local stream by a factory in her community, and she wants to fix this problem
Briefly explain the transactions costs Anjelica is likely to experience in her quest to clean up the stream.
If dairy farmers use automatic milking machines instead of milking by hand, which economic question does their decision answer?
a. What to produce? b. How to produce? c. For whom to produce? d. Who has a comparative advantage in milking? e. What is the price of milk?
Real GDP per capita in the U.S. grows over time
a. True b. False Indicate whether the statement is true or false