Multiple Choice
If for a particular market a rise in price from $10 to $15 causes quantity supplied to increase from 3 million to 6 million units we can say that supply:
A) is elastic
B) is inelastic
C) is perfectly inelastic
D) is perfectly elastic
E) has a price elasticity whose numerical value is exactly equal to one
Correct Answer:
Verified
Correct Answer:
Verified
Q11: An upward-sloping long-run supply curve suggests that:<br>A)when
Q12: The quantity demanded of a product rises
Q13: If the demand for farm products is
Q14: Average annual consumer incomes rise from $50
Q15: Which of the following generalizations is not
Q17: The price and quantity demanded of
Q18: If the University Chamber Music Society decides
Q19: Suppose that VIA Rail asked government authorities
Q20: The price and quantity demanded of
Q21: The price elasticity of supply measures how:<br>A)easily