Suppose that the price elasticity of supply for oil is 0.1. Then, if the price of oil rises by 20 percent, the quantity of oil supplied will increase
A) by 200 percent.
B) by 20 percent.
C) by 2 percent.
D) by 0.2 percent.
C
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Suppose Sarah owns a small company that makes wedding cakes. The table below shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number ofCakes Per DayTotal CostPer Day0$1001$1802$2203$3004$4005$5206$660Sarah's fixed cost is ________ per day.
A. $20 B. $200 C. $100 D. $10
In order to close a recessionary gap, the Fed would
The opportunity costs perceived by decision makers determine
A) both demand and supply curves. B) demand curves. C) either demand or supply curves, but not both in the same case. D) supply curves.
If a useful good or service exists in such abundance that anyone can readily obtain it without much effort,
a. it is not scarce, but it is an economic good. b. it is scarce, but it is not an economic good. c. it is scarce, and it is an economic good. d. it is neither scarce nor is it an economic good.