Price elasticity of supply:
A. is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service.
B. measures consumers' responsiveness to a change in price.
C. is always a negative number.
D. is the percentage change in the price of a good or service divided by the percentage change in the quantity supplied of the good or service.
A. is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service.
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Use consumer indifference curves and budget lines to illustrate the effects of an increase in income for a normal good and an inferior good (use two graphs). Be sure your diagrams are fully and correctly labeled.
What will be an ideal response?
Perfect price discrimination means:
A. charging each consumer a price exactly equal to his or her willingness to pay. B. charging the exact same price to each consumer regardless of his or her willingness to pay. C. charging different prices to different consumers so as to maximize consumer surplus. D. charging each consumer a price exactly equal to the marginal cost of selling the good to that consumer.
Which of the following is an economic cost of unemployment?
a. The extra leisure time available b. The increase in short-run output that results in higher unemployment c. The psychological cost of not having a job d. The cost of having to count the unemployed e. The opportunity cost of lost output
If a nation's currency depreciates, this will tend to
a. shift a nation's balance of trade toward a deficit. b. cause a deficit in the government's budget (expenditures - revenues). c. make foreign goods more expensive for the nation's citizens. d. make foreign goods cheaper for the nation's citizens.