If the percentage increase in the quantity supplied is greater than the percentage increase in the price, the supply:
A. is perfectly elastic.
B. is elastic.
C. is inelastic.
D. is unit elastic.
Answer: B
You might also like to view...
Henry Leland
A. was the first automobile producer to use the movable assembly line. B. was the first automobile producer to manufacture a standardized engine with interchangeable parts. C. sold millions of cars at a small unit of profit that allowed his company to dominate the industry. D. all of the choices are true.
An oligopoly model in which sellers compete on prices rather than quantities is called a ________ model
A) Bertrand B) Cournot C) Ricardian D) Keynesian
In the above figure, suppose the economy is initially at point A. People come to expect the future U.S. exchange rate to be higher. As a result there is a change from point A to a point such as ________
A) point B B) point C C) point D D) point E
The WTO was established by the ________ of multilateral trade negotiations
A) Kennedy Round B) Tokyo Round C) Uruguay Round D) Dillon Round E) NAFTA Round