This topic contains a solution. Click here to go to the answer

Author Question: If a 1 percent increase in price leads to a .7 percent increase in quantity supplied in the short ... (Read 110 times)

craiczarry

  • Hero Member
  • *****
  • Posts: 527
If a 1 percent increase in price leads to a .7 percent increase in quantity supplied in the short run, the short-run supply curve is
 a. elastic.
  b. inelastic.
  c. unit elastic.
  d. perfectly inelastic.

Question 2

A demand curve will shift out for any of the following reasons except
 a. preference for a good increases.
  b. price of a substitute falls.
  c. income rises.
  d. price of a complement falls.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

xiaomengxian

  • Sr. Member
  • ****
  • Posts: 311
Answer to Question 1

b

Answer to Question 2

b




craiczarry

  • Member
  • Posts: 527
Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)


tranoy

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

Did you know?

When blood is deoxygenated and flowing back to the heart through the veins, it is dark reddish-blue in color. Blood in the arteries that is oxygenated and flowing out to the body is bright red. Whereas arterial blood comes out in spurts, venous blood flows.

For a complete list of videos, visit our video library