An 18 percent increase in the price of small cars results in a 10 percent expansion in the quantity supplied. The supply elasticity in this range equals ________
A) 9/5
B) 5/9
C) 7/10
D) 4/10
B
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In 2009, just after taking office, President Obama approved an $800 billion stimulus package of tax cuts and increased government spending to combat the recession brought on by the financial crisis of 2007
Which group of economists most approved of President Obama's actions? A) Keynesian economists B) classical economists C) monetarists D) free market economists
Firms use information on labor's marginal revenue product to determine
A) how much marginal product to produce at each wage rate. B) how many workers to hire at each wage rate. C) how much to produce at each output price. D) how much labor services to supply at each wage rate.
The MR curve of a monopolist is
A) downward sloping and below the demand curve. B) downsloping and identical to the demand curve. C) downsloping and above the demand curve. D) horizontal and same as the market demand curve.
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, Joe's opportunity cost of selling a car is ________ than Ralph's, and Joe's opportunity cost of selling a car is ________ than Larry's.
A. greater; greater B. less; less C. less; greater D. greater; less