The above figure shows the demand curve for crude oil. The demand curve has unitary price elasticity when price equals
A) $0.
B) $1.
C) $10.
D) $20.
C
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In the market for used cars we have 10 sellers, willing to sell at the prices of $1000 . $2000 . $3000 . $4000 . $5000 . $6000 . $7000 . $8000 . $9000 . $10000 . What could the market price be in order to induce five sellers to offer their cars for sale?
a. $4001 b. $5001 c. $6001 d. $7001
Since demand curves are mostly downward sloping, economists tend to ignore the negative sign when calculating the price elasticity of demand
a. True b. False Indicate whether the statement is true or false
Which of the following statements about fiat money is correct?
a) Fiat money has intrinsic value. b) Fiat money is not accepted as money. c) Fiat money is legal tender by government decree. d) Fiat money can only be electronic.
All of the following are examples of oligopolistic markets except
A) the broadcasting industry. B) aircraft manufacture. C) college bookstores. D) seafood restaurant chains.