Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for minivans causes the price of minivans to increase by 5%, then the quantity supplied of minivans will increase by about
a. 1.5% in the short run and 6% in the long run.
b. 6% in the short run and 1.5% in the long run.
c. 16.7% in the short run and 4.2% in the long run.
d. 4.2% in the short run and 16.7% in the long run.
a
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The marginal physical product of labor is not
a. the change in output that results from employing an additional worker b. the average productivity of each worker employed c. the marginal contribution to output of each additional worker d. a measure of the contribution of an additional worker to output e. usually increasing at an increasing rate for the first units of labor used in production
In commercial societies, the plans of tasks and benefits is negotiated by the affected parties primarily
What will be an ideal response?
Marginal utility is
A. the total utility received from consuming a certain quantity of a good divided by the quantity. B. the utility received by the last consumer of a good. C. the utility received from consuming one unit of a good. D. the change in total utility due to a one-unit change in the quantity of a good consumed.
Per capita means per person.
Answer the following statement true (T) or false (F)