Which of the following examples has an elastic supply curve?
a. An 8 percent increase in the price of wrenches results in a 6 percent increase in quantity supplied.
b. An 11 percent increase in the price of nails results in a 15 percent increase in quantity supplied.
c. A 15 percent increase in the price of plugs results in a 12 percent increase in quantity supplied.
d. A 20 percent increase in the price of plywood results in a 20 percent increase in the quantity supplied.
b. An 11 percent increase in the price of nails results in a 15 percent increase in quantity supplied.
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In the United States, the long-run inflation rate can be expressed simply as the growth rate of money
A) plus the long-run growth rate of velocity. B) minus the long-run growth rate of velocity. C) plus the long-run growth rate of real GDP. D) minus the long-run growth rate of real GDP.
Who benefits from rising inflation?
A) those who already have fixed-rate loans B) those considering taking out a loan C) lenders that already made loans D) lenders considering whether to make new loans
The goodness of the fit of a line is measured by the
A) R2 statistic. B) t-statistic. C) unbiased coefficient. D) standard error.
Which of the following correctly completes this statement? The monopolist's marginal revenue
A) will be greater than price. B) will be less than price. C) will be equal to price. D) will be greater than total revenues.