If a 1 percent decrease in the price of a pound of squash results in a larger percentage decrease in the quantity supplied
A) demand is elastic.
B) demand is inelastic.
C) supply is elastic.
D) supply is inelastic.
C
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"Rent seeking" describes the search and battle for opportunities to collect economic rents
a. True b. False Indicate whether the statement is true or false
An example of human capital would be:
A. your writing skills. B. your desk. C. your computer. D. None of these is an example of human capital.
The market will overproduce goods that have external costs because
A. Producers experience lower costs than society. B. Producers cannot keep these goods from consumers who do not pay, so they have to produce greater amounts. C. The government is not able to produce these goods. D. Producers experience higher costs than society.
In drawing a demand curve, the labels for the axes are
A. price (on the horizontal axis) and quantity (on the vertical axis). B. price (on the vertical axis) and quantity (on the horizontal axis). C. price (on the horizontal axis) and quantity per unit of time (on the vertical axis). D. price (on the vertical axis) and quantity per unit of time (on the horizontal axis).