You are told that a 5 percent increase in the price of a good increases the quantity supplied by 10 percent after one month.Supply of this good is ________.This good is most likely produced using productive resources that are ________.
A) inelastic;plentiful or easily obtained
B) decreasing;unique or rare
C) elastic;plentiful or easily obtained
D) unit elastic;unique or rare
E) elastic;unique or rare
Correct Answer:
Verified
Q156: If a large percentage fall in the
Q157: When price rises from $1.50 to $2.50
Q158: Short-run supply is
A)more elastic than momentary supply
Q159: The cross elasticity of demand between Coca-Cola
Q160: Supply is elastic if
A)a small percentage change
Q161: Goods that can be produced using rare
Q162: In the market for farm crops,momentary supply
Q163: The demand for corn increases.As a result,the
Q164: When a supply curve
A)intersects the origin,the good
Q166: If the supply curve passes through the
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