At a price of $1.20, a local coffee shop is willing to supply 100 cinnamon rolls per day. At a price of $1.40, the coffee shop would be willing to supply 150 cinnamon rolls per day. Using the midpoint method, the price elasticity of supply is about

The adjustment of nominal incomes to changes in the price level (CPI) is fixed because of the: a. volatility of investment spending

b. existence of long-term contracts. c. complete information possessed by workers. d. all of the above.

If Sophia's tax liability increases from $10,000 to $15,000 when her income increases from $30,000 to $40,000, her marginal tax rate is

a. 33 percent. b. 35 percent. c. 50 percent. d. 60 percent.