Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
8th Edition
ISBN: 9781305585126
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 5, Problem 5CQQ

An increase in the supply of a good will decrease the total revenue producers receive if

a. the demand curve is inelastic.

b. the demand curve is elastic.

c. the supply curve is inelastic.

d. the supply curve is elastic.

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If the price elasticity of supply for a good is 0.48, then this means that A. the supply is inelastic and therefore the demand must also be inelastic. B. a 10 percent increase in price results in a 4.8 percentage increase in quantity supplied. C. a 10 percent price increase results in a 4.8 percentage decrease in quantity supplied. D. the supply is elastic. E. the percentage increase in quantity supplied is greater than the percentage increase in price.
Moving down a linear demand curve, what happens to the slope and the elasticity?    A. The slope is constant but elasticity gets smaller.  B. The slope changes but elasticity is constant.  C. The slope and elasticity both get smaller.  D. The slope and elasticity are both constant.
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Price Elasticity of Supply; Author: Economics Online;https://www.youtube.com/watch?v=4bDIm3j-7is;License: Standard youtube license