The short-run market supply curve shows the relationship between the market price and the quantity supplied in the short run.
Answer the following statement true (T) or false (F)
True
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Suppose bad weather decreases the quantity of wheat by 12 percent. If the price elasticity of demand for wheat is 0.6, how would the crop failure affect the price of wheat? Would the crop decrease benefit or harm wheat farmers?
What will be an ideal response?
The Fed prefers that ________ so that ________
A) banks borrow reserves from each other; banks can monitor each other for credit risk B) banks borrow reserves from each other; the Fed can monitor banks for credit risk C) banks borrow reserves from the Fed; banks can monitor each other for credit risk D) banks borrow reserves from the Fed; the Fed can monitor banks for credit risk
A medical doctor who specializes in a particular field (e.g., surgery) generally earns more than a general practitioner because
a. of greater education and training requirements b. of differences in labor mobility c. a general practitioner is more likely to work in an urban area d. of discrimination e. a general practitioner treats a greater number of patients per day
The use of "anytime minutes" and "after-hour minutes" suggests that price is being influenced by
A) extensions. B) costs. C) time. D) constant elasticities.