We know that the demand for cola is elastic. suppose we observe that the price of cola decreased by 50%. what can we say about the resulting change in quantity demanded? a. what is elasticity, anyway? b. it increased by more than 50%c. it increased by less than 50%d. it decreased

Martha is one producer in the perfectly competitive jelly industry. last year, martha and all of her competitors found themselves earning economic profits. if there is free entry and exit, what do you expect to happen to the number of suppliers in the industry and the price of jelly? the number of suppliers will increase, and the price of jelly will fall. the number of suppliers will decrease, and the price of jelly will increase. the number of suppliers will increase, and the price of jelly will increase. the number of suppliers will decrease, and the price of jelly will fall.