Price elasticity of supply is a measure of the relative responsiveness of the change in price to a change in quantity supplied
a. True
b. False
Indicate whether the statement is true or false
False
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In the Battle of the Sexes game, there
a. are two Nash equilibria, neither of which is Pareto optimal. b. is one Nash equilibrium and it is not Pareto optimal. c. is one Nash equilibrium and it is Pareto optimal. d. are two Nash equilibria, both of which are Pareto optimal.
The short-run Phillips curve will not shift unless there is
A) an increase in inflation that is unanticipated. B) a decrease in inflation that is unanticipated. C) a change in inflation expectations. D) an increase in the unemployment rate.
The Smoot-Hawley Tariff
a. was a major cause of the Great Depression. b. was the last of America's high "protective" tariffs. c. made a bad situation slightly worse. d. caused a psychological effect that destroyed the banking system. e. Only b and c are correct.
An exchange rate appreciation will shift the aggregate demand curve inward
a. True b. False Indicate whether the statement is true or false