If the price elasticity of supply equals zero, this implies that
a. suppliers can easily change quantity supplied when price changes
b. the supply curve is long run
c. the supply curve is perfectly vertical
d. the percentage change in the price of the good supplied is zero
e. the percentage change in quantity supplied equals the percentage change in price
C
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Multinational companies can easily apply identical production methods in different countries and obtain the same results
Indicate whether the statement is true or false
Consider a market that is in equilibrium. If it experiences both an increase in demand and a decrease in supply, what can be said of the new equilibrium? The equilibrium:
A. price and quantity will both rise. B. quantity will definitely rise, while the equilibrium price cannot be predicted. C. price will definitely rise, while the equilibrium quantity cannot be predicted. D. price and quantity will both fall.
The foreign holdings of U.S. dollars
a. are hard to explain since the dollar is not legal tender outside the United States. b. have decreased substantially during the last decade. c. indicate that foreigners have confidence in the monetary policy and economy of the United States. d. are largely held in countries with a lengthy historical record of monetary and price stability.
Karole's income rises from $50,000 to $75,000 and her income tax increases from $8,000 to $9,500.Her average tax rate is 6%
a. True b. False Indicate whether the statement is true or false