Question 6 At the price of $5 per pack of batteries, Duracell sells 10,000 packs of batteries and Energizer sells 15,000 packs of batteries. When the price rises to $7.50, Duracell sells 12,000 packs of batteries and Energizer sells 16,000 packs of batteries. What is the market supply at a price of $7.50? 12,000 16,000 4,000 28,000 25,000 Question 7 Social welfare (i.e. the sum of producer and consumer surplus) is maximized when the government taxes most goods and services. very few consumers and producers exist within a market the market reaches its equilibrium price and quantity. supply and demand are perfectly inelastic. the government imposes price controls. Question 8 When demand is perfectly elastic, the demand curve is vertical. upward-sloping. U-shaped. horizontal. downward sloping.

Question 6 At the price of $5 per pack of batteries, Duracell sells 10,000 packs of batteries and Energizer sells 15,000 packs of batteries. When the price rises to $7.50, Duracell sells 12,000 packs of batteries and Energizer sells 16,000 packs of batteries. What is the market supply at a price of $7.50? 12,000 16,000 4,000 28,000 25,000 Question 7 Social welfare (i.e. the sum of producer and consumer surplus) is maximized when the government taxes most goods and services. very few consumers and producers exist within a market the market reaches its equilibrium price and quantity. supply and demand are perfectly inelastic. the government imposes price controls. Question 8 When demand is perfectly elastic, the demand curve is vertical. upward-sloping. U-shaped. horizontal. downward sloping.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 7SCQ: What would the gasoline price elasticity of supply mean to UPS or FedEx?

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