Author Question: If the supply for a good is elastic, that means that when price increases, the A) supply will ... (Read 97 times)

RYAN BANYAN

  • Hero Member
  • *****
  • Posts: 563
If the supply for a good is elastic, that means that when price increases, the
 
  A) supply will increase.
  B) quantity supplied will decrease.
  C) quantity supplied will increase by a smaller percentage than the price increased.
  D) quantity supplied will increase by a greater percentage than the price increased.

Question 2

In the long-run, a firm in monopolistic competition produces an amount of output that sets
 
  A) P > ATC and MR = MC.
  B) P > ATC and MR > MC.
  C) P = ATC and MR = MC.
  D) P = ATC and MR > MC.



Danny Ewald

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

D

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

For a complete list of videos, visit our video library