If the quantity supplied increases by 8 percent when the price rises by 2 percent, the price elasticity of supply is ________

The figure above shows the market for umbrellas in Sunville. What is the marginal social benefit that Sunville consumers receive from the 200th umbrella bought?

A) $23.33 B) $30.00 C) $26.67 D) $50.00

Refer to Figure 3-4. If the current market price is $25, the market will achieve equilibrium by

A) a price increase, increasing the quantity supplied and decreasing the quantity demanded. B) a price decrease, decreasing the supply and increasing the demand. C) a price increase, increasing the supply and decreasing the demand. D) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.