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Author Question: An upper limit to the quantity of a good that may be produced in a specific period is called A) ... (Read 24 times)

madam-professor

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on: Jun 29, 2018
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.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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matt

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

A

Answer to Question 2

A


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