Suppose a good can be produced using commonly available resources. The elasticity of supply is
A) negative.
B) greater than zero but less than 1.
C) greater than 1.
D) zero.
E) More information is needed to make a determination about the size of the elasticity of supply.
C
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Refer to the scenario above. The demand for Sporty's soccer balls is 1,250 units if ________
A) the price charged by Sporty is higher than the price charged by Go! B) the price charged by Go! is higher than the price charged by Sporty C) the price charged by Sporty is equal to the price charged by Go! D) the price charged by Sporty is higher than the cost of production of each ball
Leisure is
A) wasteful to society. B) an inferior good. C) a complementary good to labor. D) a normal good.
A lesson of the Enron collapse is that government regulation
A) always fails. B) can reduce but not eliminate asymmetric information. C) increases the problem of asymmetric information. D) should be reduced.
Exchange rates are determined in
A) the money market. B) the foreign exchange market. C) the stock market. D) the capital market.