When we say supply curves become more elastic over time, we mean
A) the quantity supplied becomes independent of demand.
B) any price change has a larger affect on quantity supplied.
C) the supply curve becomes steeper.
D) the supply curve shifts upward.
B
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Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500Real GDP per capita ________ between 2008 and 2009.
A. remains constant B. increases C. decreases D. cannot be calculated
The iPhone no longer comes pre-loaded with Google Maps but instead has the Apple map application pre-loaded. Regulators might be concerned with this requirement because they might see it as an example of
A) resale price maintenance. B) a tying arrangement. C) predatory pricing. D) collusion to create a monopoly.
When the marginal revenue curve cuts the horizontal axis,
A) demand is relatively elastic. B) demand is relatively inelastic. C) demand is perfectly elastic. D) demand is unitary elastic.
If the rich pay more in taxes than the poor, the tax system must be progressive
a. True b. False Indicate whether the statement is true or false