The price elasticity of supply measures how:
A. easily labor and capital can be substituted for one another in the production process.
B. responsive the quantity supplied of X is to changes in the price of X.
C. responsive the quantity supplied of Y is to changes in the price of X.
D. responsive quantity supplied is to a change in incomes.
Answer: B
You might also like to view...
Which of the following statements is true?
A) The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases significantly. B) The supply of oil is very inelastic over short time periods but becomes more elastic over time. A given shift in supply results in a smaller increase in the price of oil when the supply is more elastic. C) Over short periods of time increases in the demand for oil are greater than increases in the supply of oil. Over the long run increases in the demand and the supply of oil are about equal. As a result, the price of oil increases greatly in the short run but is stable in the long run. D) The supply of oil is very elastic over short time periods but becomes perfectly inelastic over time. A given shift in supply results in a greater increase in the price of oil when the supply of oil is perfectly inelastic.
Summarize the type of agreement that NAFTA is, its history, the process by which it has been implemented in the last 15 years
What will be an ideal response?