The price elasticity of supply for toys is 0.36, so that a 1 percent increase in price would generate a
a. 0.36 percent increase in quantity supplied
b. 3.60 percent increase in quantity supplied
c. 0.36 percent decrease in quantity supplied
d. 3.60 percent decrease in quantity supplied
e. 1.36 percent increase in quantity supplied
A
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The Smoot-Hawley tariff triggered a trade war during the Great Depression of the 1930s
Indicate whether the statement is true or false
To affect the market outcome, a price ceiling
A) must be set below the equilibrium price. B) must be set below the legal price. C) must be set below the price floor. D) must be set below the black market price.
If a product's price increases, then its:
a. MP will increase. b. MFC will increase. c. MRP will increase. d. MP will decrease.
consumption function
What will be an ideal response?