If at a price of $10, a vendor sells 5 units of a product and at a price of $8, 6 units are sold, then, using the midpoint formula, the demand for this good is inelastic
Indicate whether the statement is true or false
TRUE
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One reason that it might be difficult for a player to determine his best strategy is that
A) he might have limited ability to calculate the possible outcomes. B) he is irrational. C) there is no pure strategy. D) there are multiple Nash equilibria.
Along a downward-sloping straight-lined demand curve, the elasticity of demand is greater at ________ prices and more inelastic at _______ prices.
Fill in the blank(s) with the appropriate word(s).
The price of mozzarella cheese, which is used in making pizza, increases. In the market for pizza you would expect that
A. the supply of pizza would increase and the price of pizza would decrease. B. the supply of pizza would decrease and the price of pizza would increase. C. the demand for pizza would increase and the price of pizza would increase. D. the demand for pizza would decrease and the price of pizza would fall.
A firm sells 100 units of output and its total revenue is $800 . The firm's average revenue amounts to __________
Fill in the blank(s) with correct word