Money that is deposited in is a part of M1
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following best describes a good with perfectly elastic supply?
A) Any increase in the price of the good leads to an increase in the seller's revenue. B) Any increase in the price of the good decreases the quantity supplied of the good by more than the price change. C) Any increase in the price of the good will induce the firm to supply an infinite quantity of the good. D) Any increase in the price of the good increases the quantity supplied of the good exactly by the amount of the price change.
The market for chewing gum is competitive with a current price of 50 cents per pack and quantity of 100,000 packs. Which of the following events would lead to a new equilibrium price of 40 cents and quantity of 80,000 packs?
a. an increase in the price of other kinds of candy b. an increase in the price of the ingredients used to make chewing gum c. a decrease in the number of young people in the population d. an agreement by workers in the chewing gum industry to work for lower wages e. an improvement in chewing gum production technology
The supply curve reflects the:
a. inverse relationship between price and quantity offered. b. positive relationship between demand and supply. c. negative relationship between price and quantity bought. d. positive relationship between price and quantity bought. e. positive relationship between price and quantity offered.
Refer to the following figure. When price is $15 and quantity demanded is 1,000, what is the point elasticity of demand?
A. -3 B. -2/3 C. -1/3 D. -1 E. -5