The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?
A. +32.0%
B. +0.32%
C.-3.2%
D. +3.2%
D. +3.2%
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Refer to Figure 4.1. The dominant strategy for Theodore is
A) Left. B) Right. C) both Left and Right. D) Theodore does not have a dominant strategy.
Refer to the table above. What is the surplus in the market when the price of a notebook is $9?
A) 16 units B) 20 units C) 24 units D) 26 units
In the AD-AS framework, long-run equilibrium implies that ________
A) quantity demanded equals quantity supplied at a moderate level of equilibrium inflation B) quantity demanded equals quantity supplied at a point consistent with the short-run equilibrium level of inflation C) quantity demanded equals quantity supplied at a point consistent with the natural rate of unemployment D) all of the above E) none of the above
The theory which holds that productivity of workers increases with the wage rate is the
A. living wage theory. B. minimum wage theory. C. nominal wage theory. D. efficiency wage theory.