Answer: d. greater the responsiveness of quantity demanded to a change in price.
The greater the price elasticity of demand, the
a. more likely the product is a necessity.
b. smaller the responsiveness of quantity demanded to a change in price.
c. greater the percentage change in price over the percentage change in quantity demanded.
d. greater the responsiveness of quantity demanded to a change in price.
Economics
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The average benefit of n units of an activity is the:
A. extra benefit from carrying out one additional unit of the activity. B. n divided by the total benefit of n units. C. n times the total benefit of n units. D. total benefit of n units divided by n.
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Competitive firms are able to set price above marginal cost when
A) the markup is less than the cost of going to another store. B) the markup is greater than the cost of going to another store. C) all consumers have full information. D) consumers know what other stores are charging.
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Refer to the above table. Given the demand and cost schedules, what is the profit-maximizing price for this monopolist?
A) $9 B) $12 C) $11 D) $10
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A price searcher is any firm that has no control over price and must accept the market price as given
a. True b. False
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