Changes in technology over time will result in
A) a more inelastic supply curve.
B) a more elastic supply curve.
C) a unitary elastic supply curve.
D) no change in the elasticity of supply.
B
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One defense Microsoft can use to argue that it does not have monopoly power in the market for operating systems, is to show that
a. demand for operating systems is highly elastic. b. many other commodities have higher income elasticities of demand than operating systems. c. the cross elasticity of demand between Microsoft’s operating system and other operating systems is large and positive. d. many of its competitors' products are complements for its service.
Refer to the graph shown. When price rises from $30 to $40:
A. lost revenue is represented by areas C and E and gained revenue is represented by area A. B. gained revenue is represented by areas B, C, D, and E and lost revenue is represented by area A. C. gained revenue is represented by areas C and E and lost revenue is represented by area A. D. lost revenue is represented by areas B, C, D, and E and gained revenue is represented by area A.
Under perfect competition, the price of a depletable resource whose cost of extraction is not changing must rise at
A. the same rate as the increase in GDP. B. the same rate as the increase in consumer prices. C. the same rate as the rate of interest. D. a rate higher than the increase in the rate of interest.
Using hypothetical numbers, calculate the real GDP for Country A and then calculate the real GDP per capita for this country.
What will be an ideal response?