According to your textbook, profit is a payment to
a. capital in the resource market
b. labor in the entrepreneurial market
c. capital in the product market
d. entrepreneurship in the product market
e. entrepreneurship in the resource market
E
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The table gives some data on the supply of roses in a small town. When the price rises from $15 a dozen to $25 a dozen, the elasticity of supply is ________
A) 1.25 B) 5.00 C) 0.20 D) 0.80
Figure 7-4
Following a rash of airplane bombs, the airlines have been forced to increase security at a cost of $30 million per year. The number of inspectors and machines does not vary with the number of passengers-the airlines must have sufficient staff available to handle the full-capacity load. Which graph in Figure 7-4 best illustrates the impact of the security expenditures?
a. 1
b. 2
c. 3
d. 4