Which is true regarding elasticity of supply ?
a) products price doesn’t play a role in its elasticity
b) a factor in supply elasticity is production difficulty
c)an inelastic product will never become elastic
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Standardization is associated with which of the following management orientations? a) ethnocentric orientation b) polycentric orientation c) regiocentric orientation d) geocentric orientation

Acoase solution to a problem of externality ensures that a socially efficient outcome is to

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.