Refer to the graph shown. For which curve does the price elasticity of supply decrease as price increases?
A. A
B. B
C. C
D. D
Answer: C
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What will be an ideal response?
Between the end of World War II and 1971, the United States dollar was
A. the only major currency in the world convertible into gold for purposes of international payments. B. not used as an international currency. C. the only major currency in the world not backed by gold. D. not very important in the transfer of goods between countries.
According to the representative heuristic, people are more likely to believe that something belongs to a given category if:
A. people believe that they themselves are members of the category. B. it shares characteristics with the stereotypical members of that category. C. people can recall other members of the category. D. it is unlike the stereotypical members of that category.
In the figure above, the rightward shift from the demand for loanable funds curve DLF1 to the demand for loanable funds curve DLF2, could be the result of
A) a decrease in expected profit. B) a fall in the interest rate. C) an increase in wealth. D) a rise in the interest rate. E) an increase in expected profit.