If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
A) supply is price elastic at all prices.
B) supply is price inelastic at all prices.
C) supply is elastic only at prices below 20.
D) No general statements about price elasticity of supply can be made.
B
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The table above shows the number of pounds of bricks that can be produced by the Red Brick Company as the number of workers hired increases. The brick market is perfectly competitive and each pound of bricks sells for $20
The labor market is competitive and the wage rate is $30 an hour. When the Red Brick Company maximizes its profit, it produces ________ bricks an hour. A) 19 B) 21 C) 22 D) 10
Which of the following is characteristic of a monopolistically competitive firm?
A. The firm faces an upward-sloping demand curve. B. The firm faces an inelastic demand curve. C. The firm faces a horizontal demand curve. D. The firm produces a differentiated product.