Recent Posts • Latest Topics • Unanswered Questions

Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now ...

tarasen57

wrote...

Go to Answer

Posts: 536

Rep:

5 years ago

Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now ...

Question 1.

Suppose at the going wage rate of $20 per hour, firms can hire as many hours of janitorial services as they desire. If any firm tries to lower the wage rate to $19, it will not be able to hire any janitor. What does this indicate about the supply curve for janitorial services?

• Supply is unit-elastic.

• Supply is perfectly elastic.

• Supply is perfectly inelastic.

• Supply is relatively inelastic.

Question 2.

Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now suppose the demand for this product decreases. Which of the following statements accurately predicts the resulting decrease in price?

• The more elastic the supply curve, the greater the price increase.

• The more elastic the supply curve, the smaller the price decrease.

• The increase in price is not affected by the elasticity of the supply curve.

• The decrease in price will always be proportional to the magnitude of the demand shift.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

Read 87 times

1 Reply

Report

Replies

Answer verified by a subject expert

kirakira15

wrote...

Posts: 373

Rep:

5 years ago

More solutions for this book are available here

1 Vote

Viperx21dp

Report

Related Topics

tarasen57 Author

wrote...

5 years ago

Correct

Liarec

wrote...

Yesterday

Thanks

Hellish Lover

wrote...

2 hours ago

Brilliant ツ

New Topic

Quick Reply

Explore

Post your homework questions and get free online help from our incredible volunteers

1668 People Browsing

Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook

Live Chat

Related Images

487

344

941

Your Opinion

Previous poll results: Do you believe in global warming?

Strange Ingredients Lurking in Doritos Chips

It's sore throat season, why does my mucus have red spots?

Courses by Biology Forums

Bonobos, Chimpanzees, and the 98% DNA Link

The Toxic Skin and Fungi Defense

Ready to ask a question on Biology Forums? Try it out

Join Our Community

Biology Forums - Study Force is a free online homework help service catered towards college and high school students. Get homework help and answers to your toughest questions in biology, chemistry, physics, mathematics, engineering, accounting, business, humanities, and more. Master your assignments quickly with thousands of step-by-step solutions to countless textbook questions asked and answered by our members. If we don't have your question, don't worry. You can ask any homework question and get expert homework help in as little as two hours.

Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same!

Join for free today

How is Biology Forums - Study Force different than tutoring?

Home Search Q & A Board Gallery Resource Library Blog Dictionary Chat	Quick Links Start a Topic Latest Topics Unanswered Questions Courses Study Tools Browse by Textbook	Social Facebook YouTube Community Stats Who's Online Trending Staff	Help About Us Take the Tour Study Tips Posting Guidelines Terms and Policies Contact Us
Biology Forums - Study Force © 2010-2024 \| Powered by SMF \| SMF © 2015, Simple Machines \| Sitemap Biology-Forums.com is not affiliated with any publisher. Book covers, title and author names appear for reference only.