The elasticity formula solves the units problem because percentages are unaffected by the units of measure

If the supply for a good is elastic, that means that when price increases, the

A) supply will increase. B) quantity supplied will decrease. C) quantity supplied will increase by a smaller percentage than the price increased. D) quantity supplied will increase by a greater percentage than the price increased.

When a monopolist is producing the profit-maximizing rate of output, price is greater than the marginal cost of producing the last unit of output

Indicate whether the statement is true or false