If a small percentage increase in the price of a good results in a rather large percentage increase in the quantity supplied of the good, supply is said to be
a. vertical.
b. relatively inelastic.
c. relatively elastic.
d. robust.
C
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Refer to the table below. If these are the only four price options for a pound of sugar, what is the expected value the price of a pound of sugar?
The above table provides the possible prices for a pound of sugar next year along with the associated probabilities (in percent).
A) $1.27
B) $1.25
C) $1.30
D) $1.32
The Federal Trade Commission (FTC) is a regulatory agency that is responsible for preventing firms from engaging in misleading advertising. This type of regulation is known as
A) the Federal Register. B) social regulation. C) the market share test. D) economic regulation.
Research demonstrates that elections can be swayed by factors other than the rational policy considerations of well-informed voters, such as:
A. handshaking. B. eating food at a county fair. C. mudslinging. D. All of these can sway a vote.
You can conclude from the above graph that
A. new firms will enter the industry.
B. existing firms will leave the industry.
C. the industry is in long run equilibrium.
D. it is unclear whether the industry is in the short run or the long run.