Which of the following statements about elasticity of supply is true?
a. Elasticity of supply is always unity.
b. Elasticity of supply is always zero.
c. Elasticity of supply is always negative.
d. Elasticity of supply is always positive.
D
You might also like to view...
In which of the following market types do all firms sell products so identical that buyers do not care from which firm they buy?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly E) perfect competition and monopolistic competition
The business cycle occurs because aggregate demand and aggregate supply change at uneven rates
Indicate whether the statement is true or false
In a closed economy that does not have international trade, the spending multiplier equals _____
a. 1/MPS b. 1/MPC c. 1/(MPC-1) d. 1/(1-MPS) e. 1/(1+MPS)
Refer to the information provided in Table 24.5 below to answer the question(s) that follow.Table 24.5All Numbers are in $ Million
Refer to Table 24.5. Assuming constant MPC, at income of $1,000 million, consumption is $________ million, and at income of $1,300 million, consumption is $________ million.
A. 720; 960 B. 680; 920 C. 600; 860 D. 640; 900