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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hello please answer by the letter answer only thank you! Shouldn’t take more than 5 minutes;) i will rate well thanks!! Regarding the price elasticity of the offer: A) It is higher for manufactured goods than for antiques. b) The higher it is, the better companies can adapt to market fluctuations. C) The higher it is, the easier it is for new companies to establish themselves in the market In question. d) It tends to be higher when the period under study is long. If prices and amount of balance decrease, it is because of: A) a decrease in supply and maintenance of demand. b) a decrease in demand and an increase in supply. C) an increase in demand and a decrease in supply. d) a decrease in demand and the maintenance of supply Which of the following statements is a possible reaction to the rise in the price of lemon? * a) Consumers are encouraged to buy more lemons • b) No reaction, since prices in a market system are decided by planners •C) Consumers are encouraged to buy fewer grapefruits - d) Producers are encouraged to produce more lemons

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