When quantity supplied is very responsive to a change in price, supply is
A) elastic.
B) unit-elastic.
C) inelastic.
D) income sensitive.
Answer: A
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Sustained economic growth in the U.S. has been primarily a product of which of the following factors?
(a) War and exploitation of natural resources (b) Capital accumulation, increases in capital and labor productivity, and technological advancements (c) Restricted trade (d) Government policies and market interventions
People often use probability statements to describe events that can only happen once. For example, a political consultant may offer their opinion about the probability that a particular candidate may win the next election
Probability statements like these are based on ________ probabilities. A) frequency-based B) objective C) subjective D) universally known
A low four-firm concentration ratio suggests that an industry ______.
a. is monopolistic b. is oligopolist c. has few sellers d. has many sellers
Refer to the data. Suppose quantity supplied declined by 23 units at each price, changing the equilibrium price in a direction and amount for you to determine. Over that price range, demand is:
A. elastic.
B. inelastic.
C. perfectly elastic.
D. perfectly inelastic.