Elastic supply - Study guides, Revision notes & Summaries

Price ceiling Correct Answer--a legal maximum on the price of a good or service -Example: Rent Control Price Floor Correct Answer--legal minimum on the price of a good or service -Example: Minimum Wage A price ceiling above the equilibrium price is _____ Correct Answer-Not Binding, has no effect on the market outcome The ceiling is a _______ on the price, which causes a shortage Correct Answer--Binding Constraint -Causes a shortage For supply and demand, price is more elastic in...

normative statement an opinion that cannot be confirmed by referencing facts positive statement a statement that can be proved by referencing facts why are economic models used? theories cannot be tested in a controlled environment the basic economic problem scarcity - consumer wants are always greater than available resources opportunity cost the next best alternative foregone factors of production resources used by a firm in production list and define the factors of production lab...

Which of the following will not increase the demand for burritos? a.A big burritos sale. b.The discovery that eating burritos cures cancer. c.A rise in the price of burgers, a substitute. d.A fall in the price of guacamole, a complement. e.All of the above will increase the demand for burritos. a.A big burritos sale. Which of the following will not decrease the supply of burritos. discovery that eating burritos causes cancer. b.a rise in the price of the tortillas used to make bu...

e. may increase the wage paid to workers. correct answers An increase in the minimum wage a. will increase the wage paid to workers. b. will decrease the marginal physical product of workers. c. will decrease the employment of workers. d. will reduce unemployment. e. may increase the wage paid to workers. d. the more inelastic the supply curve for labour. correct answers For a monopsonistic hirer of labour the gap between labour's marginal value product and its wage rate will be ...

ANP 1105 Final Exam Questions & Answers 2024/2025 What are the 3 layers of blood vessels? - ANSWERSTunica intima, tunica media and tunica externa Innermost tunica intima - ANSWERSSimple squamous epithelium to allow a low friction surface Middle tunica media - ANSWERSSmooth muscle and elastic tissue to control the diameter Outermost tunica externa - ANSWERSNerve and elastic fibers Vasa vasorum - ANSWERSTiny blood vessels that supply blood for larger ones Vasoconstriction - ANS...

Toothpaste and toothbrushes are complements, so the ________ elasticity of demand is ________. Correct Answer-cross; negative If two variables are positively related Correct Answer-they move in the same direction over time If demand is price elastic, Correct Answer-a 1 percent decrease in the price leads to an increase in the quantity demanded that exceeds 1 percent. Which of the following is a microeconomic topic? Correct Answer-the reasons why Kathy buys less orange juice Producers...

Bio208 Anatomy Blood Vessels and Circulation (Gardner, CSULB)Heart pumps blood by increasing local pressure As blood travels through circulatory system, it encounters: friction Blood Vessel Types • Arteries- Carry Blood Away From Heart • Arterioles- Are Smallest Branches Of Arteries • Capillaries- Are Smallest Blood Vessels (Location Of Exchange Between Blood & Interstitial Fluid) • Venules- Collect Blood From Capillaries • Veins- Return Blood To Heart Blood Vess...

1. Which of the following will not increase the demand for burritos? a. A big burritos sale. b. The discovery that eating burritos cures cancer. c. A rise in the price of burgers, a substitute. d. A fall in the price of guacamole, a complement. e. All of the above will increase the demand for burritos. a. A big burritos sale. 2. Which of the following will not decrease the supply of burritos. a. the discovery that eating burritos causes cancer. b. a rise in the price of the tortill...

Elastic Demand correct answers Change in price (%) causes a relatively large change in the quantity demanded (%) Quantity changes faster than price Total revenue increases when price decreases, consumers are more responsive to change >1.0 is elastic Inelastic Demand correct answers Change in price (%) causes a relatively small change in the quantity demanded (%) aka QD is not very sensitive to a change in price Also occurs if the percentage change in QD is less than the percent...