Market supply is given by P = 3Q. The price elasticity of supply is...

a.3

b.1/3

c.There is insufficient information.

d.1

If MC > 0, then a single-price monopolist will always operate on the _____ part of its demand curve....

a.Inelastic.

b.Elastic.

c.Unit-elastic.

d.Lower.

_____ is the study of how individuals, firms and governments deal with scarcity.

a.Industrial organisation.

b.Microeconomics.

c.Macroeconomics.

d.International trade.