The figure above illustrates a linear demand curve. By comparing the price elasticity in the $2 to $4 price range with the elasticity in the $8 to $10 range, you can conclude that the elasticity is
A) greater in the $8 to $10 range.
B) greater in the $2 to $4 range.
C) the same in both price ranges.
D) greater in the $8 to $10 range when the price rises but greater in the $2 to $4 range when the price falls.
A
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If the institutions in an economy change from being inclusive to extractive, then in the economy:
A) the returns to entrepreneurship will increase. B) the opportunity cost of entrepreneurship will decrease. C) the number of entrepreneurs will decrease. D) existing entrepreneurs will earn higher profits.
When oligopolies seek to operate as a single-price monopoly, the firms produce at the point where:
A) P = MC. B) MR = MC. C) P < ATC. D) P = MR. E) MC = ATC.
Although not the only ones, oligopolists produce goods that
a. have zero cross elasticities b. are unique c. are not differentiated d. have infinite cross elasticities e. have close substitutes
The heteroskedasticity-robust _____ is also called the heteroskedastcity-robust Wald statistic.
A. t statistic B. F statistic C. LM statistic D. z statistic