If the price of oranges increases by one percent and wheat supply increases by six percent then the elasticity of supply of wheat is equal to:
A) 1
B) 8
C) 1/6
D) Not enough information to know
Correct Answer:
Verified
Q26: Economists draw supply curves "backward" due to:
A)
Q27: The elasticity of supply:
A) Decreases over time
B)
Q28: An inelastic supply curve:
A) Has a steep
Q29: An elastic supply curve is:
A) Less steep
Q30: A unitary elastic supply curve:
A) =1
B) >1
C)
Q32: If the price of shirts increases 10
Q33: The price elasticity of supply will:
A) Increase
Q34: If bread supply increases from 10 to
Q35: An arc elasticity of supply is:
A) The
Q36: if the price of corn increases, then
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