Price elasticity of supply refers to the
a. change in supply that results from a change in demand
b. percentage change in supply generated by a percentage change in demand
c. change in price that results from a change in supply
d. percentage change in price generated by a percentage change in supply
e. percentage change in supply generated by a percentage change in price
E
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Factors that shift the IS curve involve:
A) interest rates and levels of GDP. B) the quantity of money and the demand for money. C) the trade balance. D) exogenous variables affecting demand, such as a change in government spending or a change in the exchange rate.
If a firm chooses to produce 100 units of output for $150 with 10 units of labor and 12 units of capital, when they could produce the same 100 units for $120 with 10 units of labor and 8 units of capital, the firm is technologically ________ and
economically ________. A) efficient; inefficient B) inefficient; efficient C) efficient; efficient. D) inefficient; inefficient