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Author Question: Suppose that the price elasticity of supply for oil is 0.1. Then, if the price of oil rises by 20 ... (Read 28 times)

jCorn1234

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on: Jun 29, 2018
Suppose that the price elasticity of supply for oil is 0.1. Then, if the price of oil rises by 20 percent, the quantity of oil supplied will increase
 
  A) by 200 percent.
  B) by 20 percent.
  C) by 2 percent.
  D) by 0.2 percent.

Question 2

If this pollution occurs, the market equilibrium with no government intervention extracts ________ natural gas than the efficient quantity and ________ a deadweight loss.
 
  A) less; does not create
  B) more; does not create
  C) less; creates
  D) more; creates


Moriaki

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


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