If the quantity supplied of science fiction novels decreases by 3% and the price elasticity of supply is 15, what has been the percentage price change?
a. -15%
b. -3%
c. -5%
d. -0.2%
d. -0.2%
You might also like to view...
Relative to a single price monopolist, a price discriminating monopolist generates:
A. more total surplus. B. the same amount of total surplus, but higher profits. C. less total surplus. D. the same amount of total surplus, but lower profits.
An individual's labor supply curve shows
A) the maximum wage rates offered to that individual by various potential employers. B) the relationship between wages and the quantity of labor that a firm is willing to employ. C) the relationship between wages and the quantity of labor that she is willing to supply. D) the relationship between the quantity of hours worked and total income earned by that individual.
Elizabeth Rodriguez is a veterinarian at the Cincinnati Zoo. She produces a(n)
a. nonexcludable good b. transfer c. public good d. merit good e. entitlement
The tendency of changes in asset prices to affect spending on consumption goods is called the ________ effect.
A. multiplier B. substitution C. income D. wealth