The price elasticity of supply is a measure of the responsiveness of:
A. the change in price to the quantity supplied.
B. the suppliers with respect to the change in price.
C. the quantity supplied to the change in income.
D. the quantity supplied to the changes in price.
Answer: D
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A health club requires six-months advanced payment. A commuter railroad offers discounted monthly tickets. What do they clearly have in common?
A) They are earning profits. B) They are selling short. C) They are exploiting customers. D) They are facing financial problems.
Describe the steady state in the Solow growth model
What will be an ideal response?
What is the average cost of producing three units?
a. $200 b. $100 c. $50 d. $70
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, in the short run we would expect the:
A. labor-supply curve to shift to the left and wages would rise. B. labor-demand curve to shift to the right and wages would increase. C. labor-supply curve to shift to the right and wages would rise. D. labor-demand curve to shift to the left and wages would decrease.