The price elasticity of supply is higher when
A) the number of producers in the market increases over time.
B) the product in question is a complementary good.
C) the number of buyers in the market increases.
D) producers have less time to adjust to price changes.
Answer: A
You might also like to view...
_______________ refers to openness in revealing information about the operations of companies, organizations, institutions, and governments
a. Transparency b. Viscosity c. Liquidity d. Apprenticing
Which of the following leads a perfectly competitive market to become allocatively efficient?
a. P = MC b. P = MR c. P = MR + MC d. P = MR - MC
Complete the following sentence. In an expansion, typically
A) unemployment increases. B) the labour force participation rate increases. C) the employment-to-population ratio decreases. D) employment decreases. E) both B and D are correct.
The Samuelson and Solow Phillips curve suggested a(n) __________ relationship between the rate of change in __________ and the unemployment rate
A) direct; real wage rates B) inverse; money wage rates C) inverse; prices D) direct; prices E) none of the above