Suppose the current price of barley is $7 per bushel and at that price 100,000 bushels are grown by a Colorado farmer
If the price of barley rises to $8 and quantity supplied increases to 130,000 bushels, then using the midpoint method, the price elasticity of supply for barley equals A) 13.33.
B) 26.78.
C) 1.96.
D) 0.51.
E) zero.
C
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Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:
A. the number of firms in the market. B. the annual sales made by the largest firms in the market. C. the size of the firms in the market. D the extent to which any firm can influence the price of the product. E the presence of government intervention.
A fall in the price of bonds may lead to a(n):
A) decrease in aggregate demand and the price level due to a decrease in net exports. B) decrease in aggregate demand and an increase in the price level due to a decrease in investment. C) increase in aggregate demand due to an increase in net exports. D) increase in aggregate demand due to an increase in investment.