Price Per UnitQuantity Demanded Per Unit of Time$2012$1817$1620$1424$1230$1036$840$644$448Refer to the above data. Over which price range is the price elasticity of demand unitary?
A. $14-$12
B. $12-$10
C. $10-$8
D. $16-$14
Answer: B
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The production possibilities curve encompasses all of the following concepts except
a. the law of increasing costs b. unlimited wants c. scarcity d. opportunity cost e. availability of resources
Answer the following statements true (T) or false (F)
1. A bond with no expiration date is priced at $10,000 when the interest rate in the economy is 6%. If the interest rate falls to 5.5%, then this bond's price would decrease. 2. The price of a bond with no expiration date is $1,000 and the fixed annual interest payment is $100. If the price of the bond falls to $800, the interest rate to a new buyer of the bond is now 20 percent. 3. The reserves of commercial banks are assets to commercial banks and liabilities of the Federal Reserve System. 4. The discount rate is the interest rate at which commercial banks lend to their best corporate customers. 5. The most frequently used instrument of the Federal Reserve System to control the money supply is the required reserve ratio.
Which statement is false?
A. A profit-maximizing perfectly competitive firm will increase production when price exceeds marginal cost. B. The lowest point on a perfectly competitive firm's short-run supply curve is at the shutdown point. C. A perfectly competitive firm will operate at that output where MC equals MR only when it is minimizing losses. D. A profit-maximizing perfectly competitive firm will decrease production when marginal cost exceeds price.
Recall the Application about the free-agent market for professional baseball pitchers to answer the following question(s).Recall the Application. Baseball teams know more about the health of free-agent pitchers than the pitchers themselves.
Answer the following statement true (T) or false (F)