The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Using the regular percentage change formula, what is the price elasticity of supply when price decreases from $10 to $5?
A. 0.2
B. 0.5
C. 0.6
D. 1
Answer: D
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A. its usefulness in carrying out transactions; the nominal interest rate B. increased income; lost purchasing power C. the nominal interest rate; the fees charged by banks D. the nominal interest rate; its usefulness in carrying out transactions
The Arrow impossibility theorem suggests
A) democracies are doomed to fail in the long-run. B) dictatorships are impossible in the long-run. C) there is no universally applicable decision rule in a majority-rule democracy. D) there is no way to make democracy better than a dictatorship.
Perfectly competitive firms are earning economic profits at a market price of $5 and an average total cost of $4. If new firms enter and do not affect the cost for all firms, the market price will ________ until it reaches ________.
A) increase; $4 B) fall; $4 C) increase; $5 D) fall; $5
Money is defined as
a. the currency of a nation. b. anything that is commonly accepted in exchange for other goods and services. c. currency that has been designated as legal tender. d. notes issued by the U.S. Treasury and backed by gold.