In the long run, new firms can enter an industry and so the supply elasticity tends to be

Refer to Figure 9.5. If the government establishes a price floor of $2.50, consumer surplus will

A) fall by $50. B) fall by $150. C) remain the same. D) rise by $50. E) rise by $150.

If the price of calculators increases by 15% and the quantity demanded per week falls by 45% as a result, then the price elasticity of demand is 3

a. True b. False Indicate whether the statement is true or false