If nominal wages and salaries are fixed as firms change product prices, the short-run aggregate supply curve is:
a. vertical

Assume you pay a premium of $0.80/bu for a put option with a strike price of $6.00/bu and that the current futures price is $5.50/bu. Then, the option is in-the-money by:

A. $0.00/bu since there is no intrinsic value in this put option B. $0.30/bu C. $0.50/bu D. $0.80/bu

The most important determinant of the elasticity of supply is

A) whether the good is a durable good or a nondurable good. B) the price of the good. C) the time period firms have to adjust to the new price. D) the proportion of the good in the budget of consumers.