If the price of good X increases by 1 percent, then the quantity supplied increases by more than 1 percent. This means
A) supply is elastic.
B) supply is unit-elastic.
C) supply is inelastic.
D) the good has good substitutes.
A
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When marginal cost is falling
A. marginal product is at a maximum. B. marginal product must be falling. C. marginal product is at a minimum. D. marginal product must be rising.
Of the following items, which has the most inelastic demand?
A) food B) fruit C) apples D) Gala apples
A modern example of privatizing a common resource is:
A. patents. B. quotas. C. taxes. D. subsidies.
Which of the following increases in labor demand is due to a change in the product demand?
A. A decrease in the price of trucks decreases the cost of transporting goods, thus increasing the demand for truckers. B. Tourism increases in popularity, increasing the demand for workers at tourist resorts. C. A change in work rules increases output per worker in the auto industry, thus increasing the demand for auto workers. D. Access to computers increases the productivity of mail order businesses, thus increasing the demand for their workers.