The concept of elasticity of supply measures the responsiveness of the
A) quantity supplied to a change in the price.
B) price to a change in the quantity supplied.
C) quantity supplied to a change in the quantity demanded.
D) quantity demanded to a change in the quantity supplied.
A
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Almost one-half of corporate stock in the United States is owned by people whose annual income exceeds $100,000
Indicate whether the statement is true or false
Figure 2-7
Which of the following could explain the shift in the production possibilities frontier shown in from AC to AB?
a.
technical improvements in both petroleum and clothing production
b.
a productive improvement in clothing production that has no effect on petroleum production
c.
a decrease in the size of the labor force that can produce either petroleum products or clothing
d.
major oil reserves in Alaska are declared off-limits to producers in order to protect the environment
e.
major oil reserves are discovered off the coast of Africa