Ceteris paribus, if an 6% increase in quantity supplied is caused by an 8% increase in price, then:
a. supply is elastic
b. supply is unit elastic.
c. supply is inelastic.
d. the supply curve is perfectly vertical.
c
Economics
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If an increase in x (the variable on the horizontal axis) from 6 to 8 units causes a decrease in y (the variable on the vertical axis) from 4 to 3 units, the slope equals
A) 2. B) -2. C) 1/2. D) -1/2.
Economics
Rational ignorance
A) refers to attempts by special interests to use government action to make themselves better off at the expense of others. B) explains the Arrow impossibility theorem. C) helps to explain why rent seeking by special interest groups occurs. D) explains why consumers ignore sunk costs when they vote.
Economics