If an increase in price from $1 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units, then the value of price elasticity of supply is

At its present rate of output, Barrel O' Biscuits, a perfectly competitive firm, finds that its marginal cost exceeds its marginal revenue and price exceeds average variable cost. To maximize profit, the firm should

a. lower the price b. raise the price c. increase output d. reduce output e. maintain its current rate of output

If tastes for foreign goods and services go up, then we would expect imports to:

A. increase. B. decrease. C. remain constant. D. increase and then sharply decrease more.