Title: If the supply for a good is elastic, that means that when price increases, the : Post by: 123kduncan on Feb 26, 2018 If the supply for a good is elastic, that means that when price increases, the
A) supply will increase. B) quantity supplied will decrease. C) quantity supplied will increase by a smaller percentage than the price increased. D) quantity supplied will increase by a greater percentage than the price increased. Ques. 2 In the long-run, a firm in monopolistic competition produces an amount of output that sets A) P > ATC and MR = MC. B) P > ATC and MR > MC. C) P = ATC and MR = MC. D) P = ATC and MR > MC. Ques. 3 American Idol is a popular television program where contestants compete to win a 1 million record deal. To determine the winner, fans either dial the number or send a text message indicating their favorite contestant. The contestant with the highest number of texts and phone calls wins. What is the scarce resource in this example? A) 1 million record deal B) television ratings C) phone calls and text messages D) fans Ques. 4 If the wage rate paid in the fast-food outlets in a small town is greater than the reservation wage of all the teenagers in the town and less than the reservation wage of all the adults, then the fast-food outlets will hire ________. A) mostly adults and a few teenagers B) some adults and some teenagers C) only adults D) only teenagers Ques. 5 If the official settlements account is zero, whenever the United States has a current account deficit, it must also have a capital account deficit. Indicate whether the statement is true or false Title: If the supply for a good is elastic, that means that when price increases, the : Post by: paige.S99 on Feb 26, 2018 Content hidden
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