If a supply curve for a good is price elastic then ?
A. the quantity supplied is sensitive to changes in the price of that good
B. That quantity demanded is insensitive to changes in the price of that good
C. the quantity demanded is sensitive to changes in the price of that good
D. the quantity supplied is incentive to changes in the price of that good
E. None of these
If the income elasticity of demand for a good is negative it must be ?
A. an elastic good
B. an inferior good
C. a normal good
D. a luxury good
If there is excess capacity in a production facility it is likely that the firm’s supply curve is ?
A. price inelastic
B. none of these
C. unit price elastic
D. price elastic
A. increase total revenue to farmers as a whole because the demand for food is elastic
B. increase total revenue to farmers as whole because the demand for food is inelastic
C. reduce total revenue to farmers as a whole because the demand for food is elastic
D. reduce total revenue to farmers as a whole because the demand for food is inelastic
A decrease in supply (shift to the left) will increase total revenue in that market if ?
A. demand is price inelastic
B. supply is price elastic
C. supply is price inelastic
D. demand is price elastic
The demand for which of the following is likely to be the most price inelastic ?
A. transportation
B. taxi rides
C. bus tickets
D. airline tickets