If the quantity of rental units increases by 10 percent when the monthly rental price doubles, the supply of rental units, other factors held constant, is:
a. elastic.
b. inelastic.
c. perfectly elastic.
d. perfectly inelastic.
b
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The productivity curve is a relationship between ________ and ________
A) real GDP per hour of labor; capital per hour of labor B) real GDP per hour of labor; capital C) capital per hour of labor; labor per hour of capital D) real GDP; hours of labor E) real GDP; capital
Will a binding price floor result in a shortage or a surplus in the market?
Tariffs and quotas are often imposed when a government is more responsive to __________ interests, and the benefits of those trade restrictions are often __________
A) consumer; concentrated B) consumer; widely dispersed C) producer; concentrated D) producer; widely dispersed
Explicit contracts generally stipulate workers' wages for a period of
A. 90 days. B. no more than 1 year. C. 3 to 5 years. D. 1 to 3 years.