If we observe that when the price of ice cream rises by 10%, ice cream manufacturers increase the quantity supplied of ice cream by 20%, then the price elasticity of supply is 2
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
In a monopoly market, setting a high price results in higher demand
a. True b. False Indicate whether the statement is true or false
Sherrie owns a pickup truck and also owns a parrot. Therefore, we can conclude that there is a causal relationship between owning the pickup truck and the parrot for Sherrie.
Answer the following statement true (T) or false (F)
The confidence interval for the sample regression function slope
A) can be used to conduct a test about a hypothesized population regression function slope. B) can be used to compare the value of the slope relative to that of the intercept. C) adds and subtracts 1.96 from the slope. D) allows you to make statements about the economic importance of your estimate.
A measure comparing the prices of consumer goods and services that a household typically purchases to the prices of those goods and services purchased in a base year is:
a. the GDP deflator. b. the consumer price index. c. the price level. d. inflation. e. the base measure.