The market for fish is perfectly competitive. So, the price elasticity of demand for fish from a single fishing boat
A) is less than the elasticity of demand for fish overall.
B) equals the elasticity of demand for fish overall.
C) is greater than the elasticity of demand for fish overall.
D) is sometimes greater than and sometimes less than the elasticity of demand for fish overall.
C
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Refer to Figure 13.2. Assume the economy is initially in equilibrium with real GDP equal to potential GDP
Other things equal, if the economy enters a recession and the government underestimates the severity of the recession when implementing fiscal policy, the output gap will ________ and the rate of inflation will ________ than if the government had correctly estimated the recession's severity. A) decrease less; decrease less B) decrease more; decrease more C) decrease more; decrease less D) not change; not change
The above figure shows supply and demand curves for apartment units in a large city. The area "e" represents
A) the loss in producer surplus if a rent ceiling of $350 is imposed. B) the total variable cost of supplying Q1 units. C) the marginal cost of supplying Q1 units. D) the total revenue received by supplying Q1 units.