Usually, price elasticities of supply are
A) positive, because higher prices yield larger quantities supplied.
B) considered short-run adjustments due to supply constraints.
C) ordinarily a negative number based on the law of supply.
D) an inverse relationship between price and quantity supplied.
A
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Diminishing marginal utility of wealth implies that the utility function
a. has increasing slope and a person is risk averse. b. has increasing slope and a person is not risk averse. c. has decreasing slope and a person is risk averse d. has decreasing slope and a person is not risk averse.
Why do skilled workers generally earn more than unskilled workers?
A. The demand for unskilled labor is more inelastic than the demand for skilled labor B. Skilled labor has higher marginal revenue products than unskilled labor C. The demand for unskilled labor is greater than the demand for skilled labor D. The supply of skilled labor is greater than the supply of unskilled labor