Suppose tennis shoes cost $50 per pair and firms supply 50,000 pairs of shoes. If the price decreases to $45 and firms decide to supply 48,000, the elasticity of supply equals

Refer to the table above. What is the total cost incurred per month if Ryan rents Apartment 5?

A) $2,150 B) $2,270 C) $2,400 D) $2,265

Economists use the term inflation to describe a situation in which

a. some prices are rising faster than others. b. the economy's overall price level is rising. c. the economy's overall price level is high, but not necessarily rising. d. the economy's overall output of goods and services is rising faster than the economy's overall price level.