If the quantity supplied of science fiction novels decreases by 3% and the price elasticity of supply is 15, what has been the percentage price change?
a. -15%
b. -3%
c. -5%
d. -0.2%
d. -0.2%
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If the price of good X goes up and the price of good Y goes down, then it is possible for
a. The person is better off than before. b. The person is worse off than before. c. The person is no better or worse off than before. d. All of the above are possible.
Suppose the demand in a certain duopoly market with homogenous goods is Qd = 8,000 - 100P. The two firms in the market are firm V and firm W, and the marginal cost of producing the goods in question is equal to $25. Which of the following describes the Nash equilibrium in this market?
A. PV = PW = $25 B. One of the firms charges a price higher than $25, and one of the firms charges a price lower than $25. C. PV = PW > $25 D. PV = PW < $25
Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a good b. total amount of satisfaction gained from consuming a good c. additional satisfaction gained from consuming one more unit of a good d. total amount of satisfaction gained from consuming a product divided by the number of goods consumed e. total amount of satisfaction gained from consuming a good times the number of goods consumed
In perfect competition, the buyers are usually looking for
a. easy entry b. familiar brands c. higher-quality goods d. volume discounts e. the lowest price