If the percentage change in quantity supplied is 10%, and the percentage change in price is 10%, then the supply for the good is
A. elastic.
B. unit elastic.
C. inelastic.
D. perfectly inelastic.
Answer: B
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Currently, which sector of the economy is consistently a net saver?
A) the household sector B) the business sector C) the federal government D) the foreign sector
If the rivers, lakes and air in the United States could all be privately owned, then: a. there would be less pollution
b. costs of production for many firms would rise. c. externalities would be internalized. d. all of the above are correct.
Assume that soda and bottled water are substitutes. Given a downward sloping demand curve for bottled water, an increase in the price of bottled water will cause
A. a leftward shift of the demand curve for bottled water. B. a decrease in the demand for soda. C. a leftward shift in the demand for soda. D. an increase in the demand for soda .
An individual with a new idea for a product, such as someone who invents a new toy, will often take their idea to large manufacturers who have the wherewithal to produce and market their ideas. This barrier to entry is called _______________________.
Fill in the blank(s) with the appropriate word(s).