In Exhibit 5-9, the price elasticity of supply for good X between points E and C is:

In Exhibit 5-9, the price elasticity of supply for good X between points E and C is:
a. 7/5 = 1.40.
b. 1/5 =0.20.
c. 5/7 = 0.71.
d. 1.

QUESTION 2

Imagine you own a machine that produces perfectly authentic and legal 100 bills. You would use this machine until:
a. the bills became worthless.
b. the total cost began to fall.
c. the marginal cost was 100.
d. the variable cost began to rise.
e. the marginal revenue began to fall.

QUESTION 3

In Exhibit 5-9, the price elasticity of supply for good X between points A and E is:
a. 3/5 = 0.60.
b. 5/3 = 1.66.
c. 1/2 = 0.50.
d. 1.

QUESTION 4

If marginal revenue exceeds marginal cost, profit maximizers should:
a. reduce output until they are equal.
b. increase output until they are equal.
c. increase output until profits are zero.
d. decrease output unless profits are zero.
e. maintain current output.

QUESTION 5

As shown in Exhibit 5-9, assuming goods X and Y are substitutes, an increase in the price of Y, other factors held constant, could move the equilibrium from point E to point:
a. A.
b. B.
c. C.
d. D.

QUESTION 6

Which of the following statements are false?
a. b and d.
b. Marginal cost is always rising.
c. Marginal and average total costs are equal at the most efficient production level.
d. The AFC and AVC curves do not cross.
e. The AFC and ATC curves do not cross.

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In Exhibit 5-9, the price elasticity of supply for good X between points E and C is:

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