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A good for which there is an inelastic price elasticity of supply has a smaller percent change in quantity than the corresponding percent change in
- A good for which there is an inelastic price elasticity of supply has a smaller percent change in quantity than the corresponding percent change in price.
TRUE FALSE
- Indifference curves can cross since more is better than less.
TRUE FALSE
- The opportunity set becomes larger when a consumer's income increases
TRUE FALSE
- The slope of the indifference curve reflects the rate at which the market allows the consumer to transform one commodity into another holding prices and income constant.
TRUE FALSE
- A monopolist will charge a higher price and supply a lower quantity in comparison to a perfectly competitive market.
TRUE FALSE
- If there is a negative externality generated in the production of a commodity and it is sold in a perfectly competitive market, the price of the good will be greater than is socially optimal and quantity produced will be less than what is socially optimal.
TRUE FALSE
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