If the percentage change in quantity supplied is 10%, and the percentage change in price is 5%, then the supply for the good is
A. inelastic.
B. elastic.
C. unit elastic.
D. perfectly inelastic.
Answer: B
Economics
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Refer to Figure 9.3. If the market is in equilibrium, total consumer surplus is
A) $1. B) $3. C) $200. D) $400. E) $600.
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In the above figure, if this natural monopolist were forced to use marginal cost pricing, it would sell the product at the price
A) A. B) C. C) E. D) F.
Economics
For a typical consumer, most indifference curves are downward sloping
a. True b. False Indicate whether the statement is true or false
Economics
The indifference curve between eggs and dozens of eggs would be
A. a rectangular hyperbola. B. a downward sloping straight line with a slope of -12. C. bowed in to the origin. D. bowed out from the origin.
Economics