Supply is said to be ____ when the quantity supplied is very responsive to changes in price
a. independent
b. inelastic
c. unit elastic
d. elastic
d
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With price discrimination, a monopoly
A) converts consumer surplus into economic profit. B) converts producer surplus into economic profit. C) can charge a single price to all customers. D) produces less output than if it does not price discriminate. E) converts consumer surplus into deadweight loss.
Liquidity is defined as
A) the ease with which a given asset can be converted to a store of value. B) the ease with which a given asset can be converted to a unit of account. C) the ease with which a given asset can be converted to a standard of deferred payment. D) the ease with which a given asset can be converted to a medium of exchange.
For each of the following changes, show the effect on the demand curve and state what will happen to market equilibrium price and quantity in the short run
a. Consumers expect that the price of the good will be higher in the future. b. The price of a substitute good rises. c. Consumer incomes fall, and the good is normal. d. Consumer incomes fall, and the good is inferior. e. A medical report is published showing that this good is hazardous to your health. f. The price of the good rises.
The M1 money supply is composed of currency, checkable deposits, and time deposits.
Answer the following statement true (T) or false (F)