Refer to the figure below. If P = $6, then the price elasticity of supply is: 
A. one
B. positive, but less than one
C. greater than one
D. less than zero
Answer: C
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Define the "consumption function."
What will be an ideal response?
An increase in the quantity demanded is shown as
A) a movement along the demand curve. B) a movement toward the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve. E) both a movement along the demand curve and a shift of the demand curve.
Which of the following statements is TRUE?
A) The long-run aggregate supply curve is upward sloping. B) The long-run aggregate demand curve is upward sloping. C) The short-run aggregate supply curve is vertical. D) The long-run aggregate supply curve is vertical.
What does the Lorenz Curve illustrate about the economy?
(A) The kinds of jobs. (B) The distribution of income. (C) The causes of poverty. (D) The types of families.