When the percentage change in quantity supplied is greater than the percentage change in price, supply is said to be elastic
Indicate whether the statement is true or false
TRUE
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Assume that Figure 4-16 shows the supply of steak. An increase in the price of pork will change the supply from
a. S1to S2. b. S2to S1. c. S2to S3. d. S1to S3.
A rightward shift in the supply curve of reserves held at the Fed ________
A) reduces the federal funds interest rate B) increases unemployment C) reduces the price level D) increases the tax rates
The ordering of market structures from most market power to least market power (where market power is the ability to set its own price) is:
a. monopoly, monopolistic competition, oligopoly, perfect competition. b. perfect competition, monopolistic competition, oligopoly, monopoly. c. oligopoly, monopoly, monopolistic competition, perfect competition. d. monopoly, oligopoly, monopolistic competition, perfect competition. e. monopoly, perfect competition, monopolistic competition, oligopoly.
If a society has 100 million people over the age of 16, 58 million who are working, and 2 million who are looking for work, with 40 million others neither working nor looking for work, the labor force participation rate is
A. 40% (40/100). B. 58% (58/100). C. 42% ((2+40)/100). D. 60% (60/100).