Demand is elastic when the elasticity is ______.
a. less than 1
b. less than 2
c. greater than 1
d. greater than 2
c. greater than 1
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To achieve allocative efficiency, one must compare the
A) marginal cost of a good to its opportunity cost. B) opportunity cost to the attainable point on the production possibilities frontier. C) marginal benefit of a good to its marginal cost. D) marginal cost to the production efficiency cost. E) point of production efficiency to the point of allocative efficiency.
The 2005 Boston Globe article discussing ticket scalping points out that the price people will pay for tickets will rise when
a. supply and demand are both limited. b. supply is limited and demand is not limited. c. supply is limited and demand is not limited. d. supply and demand are both not limited.
You decide to go skiing this weekend. It costs $50 for transportation, $50 for lodging, $30 for ski lift tickets and you could have earned $100 as a waiter. What is the total cost of the ski weekend?
A. $100 B. $130 C. $230 D. $80
_____ is a decision tool that helps take into account the anticipated reactions of competitors.
A. Concentration ratios B. Herfindahl-Hirschman index C. Game Theory D. Open collusion