This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following best describes a good with perfectly elastic supply? A) Any increase in ... (Read 32 times)

sabina

  • Hero Member
  • *****
  • Posts: 563
on: Jun 29, 2018
Which of the following best describes a good with perfectly elastic supply?
 
  A) Any increase in the price of the good leads to an increase in the seller's revenue.
  B) Any increase in the price of the good decreases the quantity supplied of the good by more than the price change.
  C) Any increase in the price of the good will induce the firm to supply an infinite quantity of the good.
  D) Any increase in the price of the good increases the quantity supplied of the good exactly by the amount of the price change.

Question 2

The cost of producing aspirin increases simultaneously as doctors find that one aspirin per day reduces the risk of heart attacks. The supply of aspirin ________ and the demand for aspirin ________ so that the equilibrium price of aspirin ________.
 
  A) increases; increases; rises
  B) decreases; increases; rises
  C) increases; decreases; might rise, fall, or stay the same
  D) decreases; increases; might rise, fall, or stay the same


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

verrinzo

  • Sr. Member
  • ****
  • Posts: 346
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


sabina

  • Member
  • Posts: 563
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

vickyvicksss

  • Member
  • Posts: 351
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Did you know?

Nitroglycerin is used to alleviate various heart-related conditions, and it is also the chief component of dynamite (but mixed in a solid clay base to stabilize it).

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Common sites of amputation. (A) Upper extremities. (B) Lower extremities. The surgeon determines th Common sites of amputation. (A) Upper extremities. (B) Lower extremities. The surgeon determines th
Blood supply to the pituitary gland Blood supply to the pituitary gland
Results from sequential study of two cohorts tested at three ages and at three different points in t Results from sequential study of two cohorts tested at three ages and at three different points in t
Changes in Synaptic Density From Birth to Age 2 Synaptic connections increase throughout the first Changes in Synaptic Density From Birth to Age 2 Synaptic connections increase throughout the first
Atmospheric pressure decreases with increase in altitude. Atmospheric pressure decreases with increase in altitude.
Older Adults Benefit from Good Nutrition and Physical Activity Older adults Older Adults Benefit from Good Nutrition and Physical Activity Older adults
Video: Genetics of Cancer

For a complete list of videos, visit our video library