If the price of a commodity changes by 3% and the quantity supplied
changes by 2%, the supply of the commodity ( )
A: inelastic
B: elastic
C: unit elastic
D: completely inelastic
changes by 2%, the supply of the commodity ( )
A: inelastic
B: elastic
C: unit elastic
D: completely inelastic
举一反三
- When the price of a commodity drops, consumers’ expenditure on it decreases as well. It shows that this commodity is （ ）. A: elastic B: unitary elastic C: inelastic D: all of the above are possible
- When supply is perfectly elastic, changes in demand have no effect on price
- To maximize profit, the monopolist produces on the ________ portion of the demand curve where ________. A: elastic; price equals marginal cost B: elastic; marginal revenue equals marginal cost C: inelastic; price equals marginal revenue D: inelastic; marginal revenue equals marginal cost
- Marvin loves chocolate truffles. As the price of a chocolate truffle increases from $1 to $2 to $3, Marvin continues to buy a dozen chocolate truffles every week. Marvin's demand for chocolate truffles is ________. A: elastic B: unit elastic C: illustrated by a horizontal demand curve D: perfectly inelastic
- To maximize profit, the monopolist produces on the ________ portion of its demand where ________. A: elastic; P = MC B: elastic; MR = MC C: inelastic; P = MC D: inelastic; MR = MC