The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Over which price range is the elasticity of supply greater than 1?

A. $20 to $25
B. $10 to $15
C. $15 to $20
D. $25 to $30


Answer: D

Economics

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A monopolistically competitive firm in long-run equilibrium:

A) will make negative profit. B) will make zero profit. C) will make positive profit. D) Any of the above are possible.

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When Iceland can generate a product using fewer labor hours and resources than the United States, an economist would say that Iceland had

a. a comparative advantage in production of the product. b. an absolute advantage in production of the product. c. a higher opportunity cost of producing the product. d. no incentive to import the product, regardless of the cost-price conditions for other products.

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By hedging with futures, buyers and sellers are eliminating basis futures price level risk and assuming level risk.

a. true b. false

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