A 0.5% increase in the price of a particular product causes the quantity demanded of the product to drop to zero. This means that the price elasticity of demand for the product is:
a. perfectly elastic
b. unit-elastic.
c. perfectly inelastic.
d. moderately elastic.
e. moderately inelastic.
a
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In the labor negotiation game:
a. The payoffs from bargaining hard are only higher if your opponent accommodates b. The payoffs from bargaining hard are only higher if your opponent bargains hard c. The payoffs are always higher if you bargain hard d. The payoffs are always higher if your opponent bargains hard
In a monopoly,
A) marginal revenue is greater than price. B) marginal revenue is less than price. C) the demand curve is horizontal. D) marginal revenue and price are equal
When a country decreases the official value of its currency, for example, Russia changes the value of the ruble from $.16 to $.04, it is said to have ____ its currency.
A. floated B. revalued C. devalued D. depreciated
What makes someone an entrepreneur?
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