Skateboards International of Mavericks Beach, California, was able to sell 20,000 skateboards at a price of $60 last year. This year it is able to sell only 12,000 of the same skateboards at a price of $60. Evidently, Skateboard International has experienced a(n):

a. increase in quantity supplied.
b. increase in demand
c. increase in supply.
d. decrease in demand.

Economics

In the figure above, what is the equilibrium price and quantity?

What will be an ideal response?

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Economics

If a 5 percent increase in the price results in a 9 percent increase in quantity supplied, the elasticity of supply is

A) 0.30. B) 0.55. C) 1.20. D) 1.80.

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Economics