Refer to the figure below. What is the price elasticity of supply at point B and point C?  

The phrase "reversal of fortunes" refers to the fact that:

A) colonies that were existing in 1500, are now no longer colonies and are independent nations. B) areas that were relatively highly urbanized in 1500, are generally poorer today. C) colonies that were existing in 1500, have all recorded negative growth rate over the last century. D) areas that were relatively less urbanized in 1500, are generally poorer today.

The concept of "the invisible hand" suggests that

A) products are produced out of a seller's sense of charity. B) when the seller is better off, the buyer is worse off. C) sellers exploit consumers with high prices. D) buyers and sellers are self-interested. E) the command system is the only way of efficiently allocating resources.