If the price elasticity of demand is equal to 0, then demand is unit elastic
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If there is a shortage of apples, how will the equilibrium point change?
A) There will be no change in the equilibrium point. B) The equilibrium point will move from A to B. C) The equilibrium point will move from A to C. D) The equilibrium point will move from A to E.
By selling hardcover books to die-hard fans and paperback books to less enthusiastic readers, the publisher is able to price discriminate and raise its profits
a. True b. False Indicate whether the statement is true or false
Which of the following statements about isoquant maps is true?
A. They always have positive slope. B. They cannot illustrate economies of scale unless some numerical values are attached. C. They always have negative slope. D. They can illustrate diminishing returns to production only when they have numerical values attached.
Which of the following statements is true?
A. Supply is inelastic in the short run, whereas demand is inelastic only in the long run. B. Supply and demand tend to be much more elastic in the long run than in the short run. C. Supply is elastic in the short run, whereas demand is elastic only in the long run. D. Supply and demand tend to be much more inelastic in the long run than in the short run.