At a price of $4, quantity supplied is 100, and at a price of $6, quantity supplied is 120. Using the midpoint formula, the price elasticity of supply is ________ and supply is ________.
A. 2.2; elastic
B. 0.45; inelastic
C. 0.1; inelastic
D. 10; elastic
Answer: B
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Karl Marx envisioned communism as an economic system that blends the best elements of capitalism and socialism
a. True b. False Indicate whether the statement is true or false
If the population increase in India is smaller than the increase in Indian real GDP, then GDP per capita will
A. decrease. B. increase. C. remain constant. D. increase more slowly than real GDP.
An illustration of the continuous flow of goods, services, inputs, and payments between firms and households is known as the ______.
a. capital flow chart b. simple circular flow model c. circular service cycle d. chain of payments