In the very short-run period,
a. the price elasticity of supply is very elastic.
b. the price elasticity of demand is very elastic.
c. the cross elasticity of demand is very inelastic.
d. income elasticity is very elastic.
e. the price elasticity of supply is very inelastic.
e
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As a falling price eliminates a surplus in the jersey market,
A) the demand curve for jerseys shifts leftward, and the supply curve of jerseys shifts rightward. B) consumers increase the quantity of jerseys they demand. C) producers increase the quantity of jerseys they supply. D) producers decrease the quantity of jerseys they supply, and buyers decrease the quantity of jerseys they demand. E) the demand curve for jerseys shifts rightward, and the supply curve of jerseys shifts leftward.
As a typical firm increases its output, its marginal cost
A) is constant. B) decreases at first and then increases. C) increases at first and then decreases. D) decreases. E) is negative at first and then positive.