If the supply of a good is inelastic,
a. producers will not change their quantity supplied by much if the market price doubles.
b. a small increase in price will lead producers to sharply increase their quantity supplied.
c. producers have diminishing marginal returns of labor. d. producers will increase their quantity supplied in response to sharp drops in the market price.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If the supply of a good is inelastic, a. producers will not change their quantity supplied by much if the market price doubles. b. a small ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Keesha Co. borrows $200,000 cash on November 1, 2015, by signing a 90-day, 9% note with a face value of $200,000. 1. On what date does the note mature? (Assume that February of 2015 has 28 days.) 2.
Answers (1)
What are the four different types of economic resources
Answers (1)
A financier plans to invest up to $600,000 in two projects. Project A yields a return of 9% on the investment x dollars, whereas project B yields a return of 16% on the investment of y dollars.
Answers (1)
Which of these is representative of quantitative data? A. Joni buys coffee three times a week at the local donut shop. B. Andre prefers chocolate cake over vanilla. C. Georgia prefers floral-scented soaps to sweet-scented soaps. D.
Answers (2)
Where does real-time live traffic data come from?
Answers (1)
New Questions in Business
Direct materials and direct labor of a company total $7300000. If manufacturing overhead is $3650000, what is direct labor cost? a. Cannot be determined from the information provided. b. $3650000 c. $0 d. $7300000
Answers (1)
Suppose you go out with your friend for coffee and donuts at the local donut store. the first donut you eat tastes incredibly good. the second one also tastes pretty good. the third donut seems just okay.
Answers (1)
One of the most important ingredients in bubble tea is the tapioca pearls that are added to the tea. If the price of tapioca flour increases, what will happen to the supply of bubble tea, all else being equal?
Answers (1)
If you put all the profits into your business, you may not be able to do which of the following? A: hire an accountant B: fund your IRA C:pay for your marketing D:develop new products
Answers (1)
Henry Sweet Co. currently makes 6" candy sticks that it sells for $0.20 each. Henry can make 12" candy sticks out of two 6" candy sticks by melting them together, which costs an additional $0.03 per 12" stick. Henry can sell the 12" sticks for $0.45.
Answers (1)