If an 8 percent decrease in the price of lobster leads to a 15 percent decrease in the quantity of lobster supplied, then the supply of lobster is
A) unitarily elastic. B) elastic. C) unit elastic. D) perfectly inelastic.
B
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John moved his office from a building he was renting downtown to the carriage house he owns in back of his house. How will his costs change?
a. explicit and implicit costs rise b. explicit costs rise; implicit costs fall c. explicit and implicit costs fall d. explicit costs fall; implicit costs rise e. not enough information is given
Name some important lessons learned from the financial crisis
A monopoly creates a deadweight loss to society because it earns both short-run and long-run positive economic profits
a. True b. False Indicate whether the statement is true or false
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.