1.If at a given time, no matter that the price is, producers cannot change the quantity supplied, the supply at the time *

A.has an elasticity value of infinity.

B.has an elasticity value of zero.

C.has an elasticity value of one.

D.does not exist.

2.Total revenue for producers will increase if *

A.income decreases and the good is a normal good.

B.the price increases and demand is inelastic.

C.the price decreases and demand is elastic.

D.income increases and the good is an inferior good.

3.Which of the following elements is a characteristic of capitalism? *

A.Central planning authority.

B.Public ownership of resources.

C.Less competition.

D.Private ownership of resources.

4.Refer to Figure 2. Which of the following does NOT cause a movement from point a to point c? *

A.An increase in the number of sellers.

B.An increase in the price of the good itself.

C.An increase in technology.

D.A decrease in indirect taxes.