The elasticity of supply is defined as the ________ change in quantity supplied divided by the _______ change in price.
a. total; percentage
b. percentage; marginal
c. marginal; percentage
d. percentage; percentage
d. percentage; percentage
The elasticity of supply is defined as the percentage change in quantity supplied divided by the percentage change in price.
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Which of the following does NOT affect potential GDP?
A) the quantity of money B) the quantity of labor employed C) the quantity of capital and human capital D) the amount of entrepreneurial talent available E) the quantity of land and natural resources
Bayesian updating in a separating equilibrium implies the initially uninformed player will fully know what type he is playing when he has to make his move.
Answer the following statement true (T) or false (F)
The production possibilities frontier represents the boundary between attainable and unattainable prices of commodities
a. True b. False
The demand curve for Apple iTune music downloads is unstable because
a. consumers of music downloads are irrational b. Apple‘s production costs are unstable c. it is unclear how Amazon, its primary competitor, will react to Apple's pricing strategy d. the market for music downloads is unpredictable e. consumers of music downloads have the option to download music for free