The elasticity of supply is calculated by
a. determining the slope of the supply curve.
b. dividing the absolute change in quantity supplied by the absolute change in price.
c. dividing the percentage change in quantity supplied by the percentage change in price.
d. dividing the percentage change in price by the percentage change in quantity demanded.
c
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The sum total of a nation's net trade, i.e., its exports minus imports in a given year, defines its _________.
A. economies of scale B. economic globalization C. balance of trade D. comparative advantage E. trade surplus
An increase in lifetime wealth
A) increase current labor supply and increase current consumption demand. B) increase current labor supply and decrease current consumption demand. C) decrease current labor supply and increase current consumption demand. D) decrease current labor supply and decrease current consumption demand.
The growth rate of potential GDP depends on
a. the rate of technical progress. b. the growth rate of the capital stock. c. the growth rate of the labor force. d. all of the above.
Suppose the federal government doubles the gasoline tax. The deadweight loss associated with the tax
a. also doubles. b. triples. c. quadruples. d. rises by a factor of 8.