In macroeconomics, a period during which some resource prices, especially those for labor are fixed by explicit or implicit agreement is called:

The price elasticity of supply equals the percentage change in the

A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity supplied divided by the percentage change in price. C) quantity demanded divided by the percentage change in price. D) supply divided by the percentage change in the demand. E) quantity supplied divided by the percentage change in the quantity demanded.

Suppose that recycling rubber for sneakers creates an external benefit of $2.00 per ton of rubber. There are no external costs. The efficient amount of rubber will be recycled when the government creates a

A) subsidy of more than $2.00 per ton of rubber. B) subsidy of $2.00 per ton of rubber. C) tax of more than $2.00 per ton of rubber. D) tax of $2.00 per ton of rubber.