The price elasticity of supply is a measure of the extent to which the quantity supplied of a good changes when the
A) cost of producing the product increases.
B) quantity of the good demanded increases.
C) supply increases.
D) price changes.
E) number of firms supplying the good changes.
D
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The self-correcting mechanism would be expected to be very rapid in an economy with
A. a large multiplier. B. flexible prices. C. rigid wages. D. high labor productivity.
Refer to the information provided in Table 22.4 below to answer the question(s) that follow.Table 22.4Aggregate Income (Y)Aggregate Consumption (C) 8 10 12 13 20 20 32 31Refer to Table 22.4. Which of the following consumption functions best fits the values in the table?
A. C = 5 + 0.8Y B. C = 4 + 0.9Y C. C = 8 + 0.5Y D. C = 3 + 0.75Y