Elasticity of supply becomes ________ elastic over time because ________
a. less; of the growing scarcity of resources
b. less; suppliers have more time to acquire additional resources to achieve desired capacity
c. more; demand becomes more inelastic
d. more; demand will always continue to increase
e. more; suppliers have more time to acquire additional resources to achieve desired capacity
E
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Alejandro expects the price level to rise from 105 this year to 108 next year. If the price level rises to 110 next year instead of 108, which of the following will occur?
A) Alejandro's real wage rises. B) Alejandro's real wage remains unchanged. C) Alejandro's real wage may rise or fall, depending on the unemployment rate. D) Alejandro's real wage falls.
A regulated natural monopoly is allowed to set a price which will enable it to earn an above-normal profit
a. True b. False Indicate whether the statement is true or false