Price elasticity of supply refers to the
a. change in supply that results from a change in demand
b. percentage change in supply generated by a percentage change in demand
c. change in price that results from a change in supply
d. percentage change in price generated by a percentage change in supply
e. percentage change in supply generated by a percentage change in price
E
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Assume that supply increases greatly and demand increases slightly. Which of the following will happen?
a. Equilibrium price will fall and equilibrium quantity will rise. b. Equilibrium price will rise and equilibrium quantity will fall. c. Equilibrium price will rise and equilibrium quantity will rise. d. Equilibrium price will fall and equilibrium quantity will fall. e. Neither equilibrium price nor equilibrium quantity will change.
Congestion pricing
A. is a tax. B. keeps nasal passages clear. C. is never efficient. D. all of these answer options are correct.
In determining the beginning of recessions, the NBER Business Cycle Dating Committee looks for evidence of decline in:
A. the rate of inflation. B. specific sectors of the economy. C. the stock market. D. the entire economy.
Equilibrium is defined as a situation in which
A) neither buyers nor sellers want to change their behavior. B) no government regulations exist. C) demand curves are perfectly horizontal. D) suppliers will supply any amount that buyers wish to buy.