If an 8 percent decrease in the price of lobster leads to a 15 percent decrease in the quantity of lobster supplied, then the supply of lobster is
A) unitarily elastic. B) elastic. C) unit elastic. D) perfectly inelastic.
B
Economics
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Due to the recent increase in the price of natural gas, the quantity of coal demanded by electric power generation plants has increased. Based on this information, coal and natural gas are:
A) complements. B) substitutes. C) independent goods. D) none of the above
Economics
Why are the actions of firms interdependent in an oligopoly market but not in a monopolistically competitive market?
Economics