Competition would probably be abolished if society could find a way to abolish

Refer to Table 6-8. What is the numerical value of the price elasticity of supply?

A) 0 B) 1 C) greater than 0 but less than 1 D) greater than 1

Sam is responsible for ordering office supplies for the firm gets a bonus if the firm stays well-stocked at all times. The bonus implies he is more likely to

a. Pay lower prices for the supplies b. Pay higher prices for the supplies c. Have more stock outs d. Resign from the position