A key determinant of the price elasticity of supply is
a. the ability of sellers to change the price of the good they produce.
b. the ability of sellers to change the amount of the good they produce.
c. how responsive buyers are to changes in sellers' prices.
d. the slope of the demand curve.
b
You might also like to view...
All of the following are true regarding the Sherman Act except which one?
A) It condemns the act of becoming a monopoly. B) It addresses both monopolies are cartels. C) It was the second major piece of antitrust legislation. D) It condemns the act of trying to become a monopoly.
In the United States, the dollar was commodity backed by:
A. silver. B. oil. C. diamonds. D. gold.
The Karmic Deed Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?
a. the owner's knowledge of how to prepare vegetarian entrees b. the money in the owner's account at the bank from which she borrowed money c. the tables and chairs in the restaurant d. the fresh fruits, vegetables, and grains the restaurant uses to prepare its meals
All else equal, which of the following would tend to cause real GDP per person to rise?
a. a change from inward-oriented policies to outward-oriented policies b. an increase in investment in human capital c. strengthening of property rights. d. All of the above are correct.