Suppose that in a month the price of movie rentals increases from $2 to $2.20. At the same time, the quantity of movie rentals supplied increases from 100 to 110. The price elasticity of supply for movie rentals (calculated using the initial value formula) is:
A. negative.
B. inelastic.
C. unit elastic.
D. elastic.
Answer: C
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Two countries have equal population. These countries will have equal income per capita in a particular year if ________
A) the countries have equal inflation rate in that year B) the GDP of both the countries are equal in that year C) equal amounts of capital are available in both the countries in that year D) the size of the working age population in both the countries are equal in that year
If, at a firm's projected sales level, the marginal cost is $125, the average cost is $150 and the markup is 20 percent, then its selling price is
A) $125. B) $150. C) $165. D) $180.
Protection is rarely withdrawn from infant industries because such firms are necessary to ensure creation of domestic jobs
a. True b. False Indicate whether the statement is true or false
The interest on a business loan is an implicit cost.
Answer the following statement true (T) or false (F)