A price increase from $43 to $49 results in an increase in quantity supplied from 220 units to 240 units. The price elasticity of supply in this price range is:
A. .3
B. .67
C. 1.50
D. 3.33
B. .67
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Suppose that total expenditures for coffee reach a maximum at a price of $5 per pound. At this price, the demand for coffee is:
A. elastic. B. inelastic. C. perfectly inelastic. D. unit elastic.
Must a corporation inform the SEC when it borrows from a commercial bank or through the private placements market?
A) Only from the private placements market B) Only from the commercial bank C) From both D) From neither
During the 1960s and early 1970s, economists believed that the Phillips curve indicated
A. that higher inflation was the price for more unemployment. B. that higher levels of employment could be achieved with lower inflation. C. a menu of choices for policymakers. D. All of these responses are correct.
In a firm, an entrepreneur is one who
A) decides to hire or fire. B) works for the owner by running the firm. C) takes the risks associated with a business firm. D) represents the firm in legal proceedings.