Last year in the United States, the price of snowboards rose by 5 percent and the price rise resulted in a 15 percent increase in the quantity supplied. This outcome is an indication that
A) the supply curve of snowboards shifted rightward.
B) the supply of snowboards is price elastic.
C) some firms entered into the snowboard industry.
D) All of the above answers are correct.
B
Economics
You might also like to view...
Assume a customer of natural gas is negotiating with his supplier over the telephone. At the time prices of all the supplier's competitors are precisely the same
The customer tells the supplier that if he raises his price even one penny he will walk away. What does the perceived demand curve for natural gas look like for this customer? Why?
Economics
Which of the following countries has experienced negative economic growth in the last 20 years?
A) Zimbabwe. B) Chad. C) The United States. D) China.
Economics