The quantity of raspberries sold at a local store increases from 100 pints to 1,500 pints when the price is reduced from $4.00 to $1.00. In this situation, the absolute price elasticity of demand for raspberries is approximately
A) 0.69.
B) 6.7.
C) 1.46.
D) 4.3.
C
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In tit-for-tat, if your partner ________ in your first interaction, then you will ________ in your next interaction.
A. defects; defect B. defects; cooperate C. defects; refuse to play D. cooperates; defect
According to the survivor principle
A) firms will get taken over by their larger rivals over time. B) only firms that maximize profits survive in highly competitive markets. C) managers only work hard if they are threatened with their survival at the firm. D) eventually all firms merge to become one large monopoly.
In the long run in monopolistic competition, the demand curve facing the typical firm
a. is perfectly elastic b. slopes upward c. is tangent to the firm's average total cost curve d. lies above the firm's average total cost curve e. is the same as the portion of the firm's marginal cost curve above average variable cost
A German who exchanges euros for dollars in a U.S. airport is
a. contributing to U.S. exports b. lending dollars to Germans c. participating in the foreign exchange market d. engaging in speculative activities e. engaging in illegal activities