Elasticity of supply looks at
A. How responsive producers are to a change in quantity demanded.
B. The responsiveness of sellers to a change in consumer's incomes.
C. How responsive sellers are to a change in price.
D. How much quantity demanded changes with a change in price.
Answer: C
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In 1860, earnings from cotton exports
(a) were minimal. (b) accounted for a small percentage of Gross Domestic Product. (c) exceeded the total revenue of the U.S. government by four-fold. (d) were what attracted the majority of agriculturalists into cotton production.
A federal budget deficit occurs when: a. there is deflation
b. federal government purchases exceed net taxes. c. there is inflation. d. aggregate demand is greater than aggregate supply. e. aggregate supply is greater than aggregate demand.
If the government imposes a $3 tax in a market, the buyers and sellers will share an equal burden of the tax
a. True b. False Indicate whether the statement is true or false
In computing a price index,
A. the quantities in the market basket stay the same while the prices differ. B. the most recent year is always set equal to 1. C. both the quantities in the market basket and the prices change from year to year. D. the base year must be one for which the inflation rate was zero.