If the percentage change in the price of a good exceeds the percentage change in the quantity supplied, then the supply is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
B
Economics
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The research by Robert Hall on the theory of consumption suggests that the best forecast of consumption for next year would be
A) unpredictable. B) random. C) this year's consumption. D) last year's consumption.
Economics
When the money market is drawn with the value of money on the vertical axis, a decrease in the money supply leads people to
a. spend more so the value of a dollar rises. b. spend more so the value of a dollar falls. c. spend less so the value of a dollar rises. d. spend less so the value of a dollar falls.
Economics