If the measured elasticity of supply coefficient equals 0.6, then supply is:
a. perfectly elastic.
b. elastic
c. unit elastic.
d. inelastic.
d
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
The price elasticity of demand is calculated as:
A) the change in price divided by the change in quantity demanded. B) the change in quantity demanded divided by the change in price. C) the percentage change in price divided by the percentage change in quantity demanded. D) the percentage change in quantity demanded divided by the percentage change in price.
Which of the following will improve your bargaining position when contracting with a supplier
a. Your supplier merges with an another large supplier of the same product b. You redesign your product to be more feasibly accepting of many suppliers' parts c. You redesign your product so that your preferred supplier is more integral to product success d. Your supplier's chief competitor has exited the market
Which of the following is often referred to as the basic postulate of economics?
A) Incentives matter—individuals respond in predictable ways to changes in personal costs and benefits. B) Individuals act only out of selfish motives. C) The accuracy of the assumptions is the best test of an economic theory. D) The value of a good is objective; it is equal to the cost of producing the good.