If output in the calculator market increases by 5 percent when the price increases by more than 5 percent, then
a. supply is inelastic
b. supply is elastic
c. a small increase in price will cause a leftward shift of the supply curve
d. a small increase in price will cause a rightward shift of the supply curve
e. a large increase in price will cause a large shift of the supply curve
A
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Other things remaining the same, if the expected future exchange rate rises, the demand curve for U.S. dollars shifts ________ and the supply curve of U.S. dollars shifts ________
A) rightward; rightward B) rightward; leftward C) leftward; rightward D) leftward; leftward
The characteristic that distinguishes a monopolistically competitive market from a perfectly competitive market is the:
a. ease of entry. b. number of firms operating in the market. c. degree of government regulation in the activities of the firms. d. differentiation of products. e. extent of market share of each firm.