Suppose the price elasticity of supply for coffee is equal to one. 1,400 cups of coffee are supplied when its price is $4.0 per cup. If the price of coffee decreases to $3.60 per cup, its supply will:
a. decrease to 1,260 cups
b. increase to 1,540 cups.
c. decrease to 1,300 cups.
d. remain the same at 1,400 cups.
a
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Which of the following formulas would you use to calculate the nominal wage rate?
A) nominal wage rate = real wage rate × CPI B) nominal wage rate = (real wage rate × CPI) × 100 C) nominal wage rate = (real wage rate × CPI) ÷ 100 D) nominal wage rate = (real wage rate ÷ CPI) × 100 E) nominal wage rate = real wage rate ÷ CPI
When firms become so large that they have to add additional layers of management and decision making becomes more cumbersome,
a. economies of scale are said to occur b. marginal cost begins to fall in the short run c. marginal cost begins to rise in the short run d. the long-run average total cost curve is flat e. the long-run average total cost curve slopes upward
The convergence hypothesis suggests that poor countries may close the income gap with rich countries
a. True b. False Indicate whether the statement is true or false
When a supervisor asks for opinions in making decisions
a. situational leadership b. participative leadership c. autocratic leadership d. laissez faire leadership