If the price elasticity of supply for a good is 0.75, then
A) the percentage change in the quantity supplied is less than the percentage change in price.
B) the supply is elastic.
C) an increase in the price boosts the quantity supplied by a larger percentage.
D) the supply is inelastic so the demand must also be inelastic.
E) None of the above answers is correct.
A
You might also like to view...
Given the production function Y = A , if an economy's capital per worker k is $27 thousand, and its total factor productivity A is 0.5, then output per worker is (approximately) ________
A) $13,500 B) $40,500 C) $3,000 D) $5,000 E) $1,500
Foreign citizens have been increasing their ownership of U.S. assets. This contributes to a U.S.
a. deficit on current account. b. deficit on financial account. c. surplus on current account. d. surplus on financial account.
Use the following table to answer the next question. PriceQuantity Demanded$7162534435The marginal revenue generated by the pure monopoly from selling the third unit of output is
A. $3. B. $1. C. $5. D. $6.
A legal barrier is created when a firm
A) has economies of scale, which allow it to produce at a lower cost than two or more firms. B) is granted a public franchise, government license, patent, or copyright. C) produces a unique product or service. D) produces a standardized product or service. E) has an ownership barrier to entry.