The elasticity of supply for a product will be 2 if:
A. A 1 percent decrease in the price causes a 0.2 percent decrease in quantity supplied
B. A 2 percent decrease in price causes a 1 percent decrease in quantity supplied
C. A 1 percent decrease in price causes a 2 percent decrease in quantity supplied
D. A 2 percent decrease in price causes a 2 percent decrease in quantity supplied
C. A 1 percent decrease in price causes a 2 percent decrease in quantity supplied
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To raise economic development, developing countries should
A) focus on producing service goods. B) produce goods that are capital intensive and not labor intensive. C) not focus on economic growth. D) focus on their comparative advantage.
Which of the following are assets of commercial banks? i. reserves ii. loans iii. deposits
A) i only B) ii only C) i and ii D) ii and iii E) i, ii, and iii