A price increase from $43 to $49 results in an increase in quantity supplied from 220 units to 240 units. The price elasticity of supply in this price range is (use the midpoint formula)

Demand and supply shifts will cause a price to change, but a change in the price of only a good affects quantity demanded and quantity supplied, never demand and supply itself

a. True b. False Indicate whether the statement is true or false

All decisions involve opportunity cost.

Answer the following statement true (T) or false (F)