If demand is highly inelastic and supply shifts to the right, price:
A. hardly changes at all; quantity will rise significantly.
B. will rise significantly as will quantity.
C. will rise significantly; quantity hardly changes at all.
D. will fall significantly; quantity hardly changes at all.
Answer: D
Economics
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The figure above shows Kaley's marginal benefit from swimming with manatees and Scott's marginal cost of providing manatee swimming tours. At 1 manatee swim per week, Kaley's marginal benefit is ________ and Scott's marginal cost is ________
A) $40; $10 B) $40; $40 C) $90; $50 D) None of the above answers is correct.
Economics
Perfect competition is characterized by
A) many buyers and sellers. B) a small number of firms. C) differentiated products of firms in the industry. D) high barriers to entry.
Economics