Price elasticity of supply
a. is always a number between 0 and 1
b. is always a negative number
c. is always greater than or equal to 0
d. is always greater than 1.
e. can take on any value.
C
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Indicate whether the statement is true or false
Because more than half the federal welfare budget goes for health care, almost zero U.S. residents lacked health insurance in 2006
a. True b. False
If nation A can produce a product at a lower opportunity cost per unit than nation B, nation A
A. has a specialization advantage. B. has an absolute advantage. C. has a comparative advantage. D. has a production advantage.
Comparative advantage refers to a country's:
A. Ability to produce a specific good with fewer resources than another country. B. Monopoly power in the world market for a specific good. C. Ability to sell a specific good for a higher price than another country. D. Ability to produce a specific good at a lower opportunity cost than another country.