If the price elasticity of supply for a good is 10, then supply is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
A
Economics
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The graph below shows demand and marginal cost for a perfectly competitive firm. If the firm is producing 100 units of output, increasing output by one unit would ________ the firm's profit by ________.
A. decrease, $1 B. increase, $1 C. increase, $2 D. increase, $3 E. decrease, $2
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Real GDP is obtained by # randomize
A. Nominal GDP divided by GDP deflator. B. Nominal GDP multiplied by price level. C. Nominal GDP minus GDP deflator. D. Nominal GDP divided by CPI. 2) The standard of living is often measured by: # randomize A. Real GDP per capita B. Real GDP C. Real GDP multiplied by population D. Real GDP plus depreciation
Economics