The rate of return on short-term U.S. government bonds is often referred to as the:

If the price elasticity of supply for a good becomes more elastic over time

A. quantity supplied becomes more sensitive to price. B. quantity demanded is not sensitive to price. C. quantity supplied becomes less sensitive to price. D. quantity demanded is very sensitive to price.

Consider an unregulated monopoly in Figure 13.2. Suppose that a second firm enters the market. and both firms in the industry are profitable. After the second firm's entry, the industry is now classified as:

A. a natural monopoly. B. a duopoly. C. a monopolistic competitor. D. a pure competitor.