Because the price elasticity of supply for jumbo jets is 0.35, the supply of jumbo jets is
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly elastic.
E) perfectly inelastic.
C
Economics
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If the price of a soda was 15 cents in 1970, when the CPI was 50, and 50 cents in 2007 when the CPI was 172, then the real price of
A) a soda has risen 567 percent. B) a soda has risen 350 percent. C) the 1970 soda in 2007 dollars is 52 cents. D) the 2007 soda in 1970 dollars is $3.44. E) the soda was 15 cents in 1970 and 50 cents in 2007.
Economics
Refer to Figure 5-9. The private profit-maximizing output level is
A) Q1. B) Q2. C) Q3. D) Q4.
Economics