If the price elasticity of supply for a window manufacturer is 1.5,
a. a 10% increase in the price of windows results in a 15% increase in the quantity of windows supplied.
b. supply is considered to be inelastic.
c. the manufacturer is likely operating very near capacity.
d. All of the above are correct.
a
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Mr. Smith put his laptop up for sale. He is aware of the fact that the laptop malfunctions frequently
However, none of the potential customers who came to buy the laptop were able to discover the problem and one of them actually bought it at a remunerative price. This occurred due to ________. A) the presence of asymmetric information B) the presence of positive externalities C) the presence of negative externalities D) the selective retention of information by sellers
An economist from which school of thought would most likely accept the following- "The wide acceptance and practice of activist government fiscal policy."
a. Traditional classical economics b. Neoclassical economics c. Marxist economics d. New monetarist economics e. Keynesian economics
If all the world's resources were to magically increase one hundredfold, then:
A. economics would no longer be relevant. B. people would still have to make trade-offs. C. scarcity would disappear. D. trade-offs would become unnecessary.
Goods that are produced in other countries and then sold domestically are called
A) exports. B) imports. C) tariffs. D) quotas.