At a price of $4, quantity supplied is 120, and at a price of $10, quantity supplied is 300. Using the midpoint formula, the price elasticity of supply is ________ and supply is ________.
A. 0.40; inelastic
B. 0.1; inelastic
C. 1; unit elastic
D. 2.5; elastic
Answer: C
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Each governor on the Board of Governors can serve
A) only one nonrenewable fourteen-year term. B) one full nonrenewable fourteen-year term plus part of another term. C) only one nonrenewable eight-year term. D) one full nonrenewable eight-year term plus part of another term.
When companies sell slightly different forms of a product to different groups of customers, this is known as
A) market testing. B) editions. C) adaptations. D) versioning.
The Second Fundamental Theorem of Welfare Economics requires
A. that indifference curves be convex to the origin. B. that isoquants be concave to the origin. C. that there are no set prices for Pareto efficient allocations. D. that production be twice as large as consumption. E. all of these answer options are correct.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3. B. -3/4. C. -1.5. D. -20.