Usually, price elasticities of supply are
A) positive, because higher prices yield larger quantities supplied.
B) considered short-run adjustments due to supply constraints.
C) ordinarily a negative number based on the law of supply.
D) an inverse relationship between price and quantity supplied.
A
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Compare and contrast the relative elasticities that you are likely to find between toothpicks and furniture. Explain your answer
What will be an ideal response?
If the demand curve is perfectly elastic, the burden of a tax on suppliers is borne:
A. partly by the suppliers and mostly by the consumers if the supply curve is elastic. B. mostly by the suppliers and partly by the consumers if the supply curve is inelastic. C. entirely by the consumers. D. entirely by the suppliers.
______ is defined as the percentage change in the demand of one good (good A) divided by the percentage change in the price of another good (good B).
a. income elasticity of demand b. price elasticity of supply c. unit elasticity of demand d. cross-price elasticity of demand
An example of a "missing" market would be:
A. the market to buy and sell dates for a Friday night. B. the market to buy and sell a kidney. C. the market to buy and sell children for adoption. D. All of these markets are missing.