An industry has 1000 competitive firms, each producing 50 tons of ...

[laurencescou]

An industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of 10, half of the firms have a short-run supply curve with a slope of 1; the other half each have a short-run supply curve with slope 2.
 
  The short-run elasticity of market supply is A) 1/50
  B) 3/10
  C) 1/5
  D) 2/5
  E) none of the above

Question 2

Unequal outcomes are inherently unfair.
 
  Indicate whether the statement is true or false

[nmyers]

Answer to Question 1

B

Answer to Question 2

F

[laurencescou]

TYSM

[amcvicar]

Excellent