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Author Question: If the elasticity of supply of TV sets is equal to 3, then a 10 percent increase in the price of a ... (Read 122 times)

audragclark

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on: Jun 29, 2018
If the elasticity of supply of TV sets is equal to 3, then a 10 percent increase in the price of a TV will
 
  A) increase the quantity supplied by 3.33 percent.
  B) increase the quantity supplied by 30.0 percent.
  C) increase the quantity supplied by 0.33 percent.
  D) decrease the quantity supplied by 30.0 percent.

Question 2

Which of the following statements is TRUE about contestable markets?
 
  A) There are significant barriers to entry.
  B) Firms earn large economic profits.
  C) Each firm faces a perfectly elastic demand.
  D) There are few firms in the industry.


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scikid

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

B

Answer to Question 2

D


audragclark

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Jsherida

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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