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banggedung banggedung
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5 years ago

Question 1.

If the elasticity of labor supply is negative, the labor supply curve would be



▸ horizontal.

▸ vertical.

▸ downward sloping.

▸ upward sloping.

Question 2.

At a price of $4, quantity supplied is 120, and at a price of $10, quantity supplied is 300. Using the midpoint formula, the price elasticity of supply is ________ and supply is ________.



▸ 0.1; inelastic

▸ 0.40; inelastic

▸ 2.5; elastic

▸ 1; unit elastic
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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cuddahy99cuddahy99
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banggedung Author
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5 years ago
Helps a lot... Now I'm ready for my quiz
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