If a tripling of price triples the quantity of a good supplied, the price elasticity of supply is
a. 3
b. 300
c. 1
d. -1
e. -3
C
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Anthropogenic pollutants
a. arise from natural processes in nature, like particles from volcanic eruptions b. are contaminants linked to human activity c. are those released only from nonpoint sources d. are of minimal concern to environmental economists
At the equilibrium price, buyers have bought all they want to buy, but sellers have not sold all they want to sell
a. True b. False Indicate whether the statement is true or false
If the economy produces 27 consumer goods and 12 capital goods, the economy would be producing __________________ (outside/on/inside) the production possibilities curve.
If a 5 percent fall in the price of a product causes the quantity demanded of the product to increase by 10 percent, the demand is:
A. perfectly elastic. B. elastic. C. inelastic. D. unit elastic.