Refer to the graph above. Over the $5-$6 range, supply is:
A. elastic.
B. one.
C. zero.
D. inelastic.
Answer: A
Economics
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A government will create a surplus in a market when it:
A. Sets a price ceiling above the equilibrium price B. Sets a price floor above the equilibrium price C. Sets a price floor below the equilibrium price D. Sets a price ceiling below the equilibrium price
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The interest on a business loan is an implicit cost.
Answer the following statement true (T) or false (F)
Economics