Supply is elastic if
A) a 1 percent change in price leads to a larger percentage change in quantity supplied.
B) a 1 percent change in price leads to a smaller percentage change in quantity supplied.
C) the slope of the supply curve is positive.
D) the good in question is a normal good.
A
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The social interest theory of regulation is that
A) regulators help producers maximize economic profit. B) regulation seeks to increase the government's revenue. C) regulation causes producers to produce at a point where they are earning normal profits. D) regulation seeks an efficient use of resources. E) regulation focuses on the consumers' interests and ignores producers' interests.
Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small amount
a. True b. False Indicate whether the statement is true or false