An upper limit to the quantity of a good that may be produced in ...

[madam-professor]

An upper limit to the quantity of a good that may be produced in a specific period is called
 
  A) production quota
  B) import quota
  C) price ceiling
  D) price floor

Question 2

Supply is elastic if
 
  A) a 1 percent change in price leads to a larger percentage change in quantity supplied.
  B) a 1 percent change in price leads to a smaller percentage change in quantity supplied.
  C) the slope of the supply curve is positive.
  D) the good in question is a normal good.

[matt]

Answer to Question 1

A

Answer to Question 2

A