The price elasticity of supply is calculated as the change in supply divided by the change in price

Refer to Figure 16-1. What is the consumer surplus received under perfect price discrimination?

A) the area under the demand curve above P1 B) the area under the demand curve above P4 C) the area under the demand curve above P3 D) zero

If a perfectly competitive industry is neither expanding nor contracting, we would typically expect that: a. accounting profits to be zero

b. economic profits to be zero. c. the price of the good will be stable d. both (b) and (c) would be true.