If the supply curve for orange juice is estimated to be Q = 40 + 2p, then, at a price of $2, the price elasticity of supply is

"Because the price of a diamond is much greater than the price of a gallon of water, the consumer surplus from diamonds is greater than the consumer surplus from water." Is the previous analysis CORRECT? Explain your answer

What will be an ideal response?

Which of the following is part of an economic model?

A) assumptions B) norms C) opinions D) preferences of economic agents