If a shift in the demand curve that raises the price of oranges from $7 to $9 a bushel increases the quantity of oranges supplied from 4,000 bushels to 6,000 bushels, the
A) supply of oranges is elastic.
B) supply of oranges is inelastic.
C) demand for oranges is elastic.
D) demand for oranges is inelastic.
A
Economics
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Refer to the graphs below for a competitive market in the short run. Which of the following statements is true?
A. The firm will increase production
B. The firm is experiencing economic losses
C. The firm is breaking even
D. The firm is making economic profits
Economics
Select the positive statement that completes the sentence: If wages rise more rapidly than productivity:
A. profits will fall. B. workers will earn 3/4 of GDP. C. the rate of inflation increases. D. policymakers should impose a wage ceiling.
Economics