Refer to Figure 6-12. The diagram shows two supply curves, SA and SB. As price rises from P0 to P1, which supply curve is more elastic?
A) They are equally inelastic. B) SB
C) They are equally elastic. D) SA
B
You might also like to view...
If real GDP was $13.1 trillion in 2013 and $13.3 in 2014, what is the growth rate?
A) $0.2 trillion B) 1.5 percent C) 15.0 percent D) 2.1 percent E) -1.5 percent
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. The opportunity cost of one fence is _______ for Tom and ________ for Jerry. Therefore Tom should specialize in ______________.
A. 4 dishes; 2 dishes; dishes B. 16 dishes; 14 dishes; dishes C. 4 dishes; 2 dishes; fences D. 16 dishes; 14 dishes; fences