Is there any set of relationships between price elasticity of supply and total revenue similar to the relationships between price elasticity of demand and total revenue?
What will be an ideal response?
No. When the price increases along an upward sloping supply curve, total revenue will increase whether supply is elastic or inelastic. When price decreases along an upward sloping supply curve, total revenue will decrease whether supply is elastic or inelastic.
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The CIO was formed as a(n)
A) closed shop. B) association of industrial unions. C) union shop. D) bilateral monopoly.
Which of the following is missing from the circular flow model depicted in the textbook?
a. businesses b. factors of production c. banks d. what households spend their money on e. goods and services
Economists agree that
a. neither high inflation nor moderate inflation is very costly. b. both high and moderate inflation are quite costly. c. high inflation is costly, but they disagree about the costs of moderate inflation. d. moderate inflation is as costly as high inflation.
In July in San Francisco, for example, only ____% of Southwest flights arrived on time, compared with 75.7% for United Airlines, the largest carrier there.
Fill in the blank(s) with the appropriate word(s).