If the price elasticity of demand for razors is 0.32, the demand for razors is
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly inelastic.
E) perfectly elastic.
C
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In which market structures is the firm able to earn long-run economic profits?
A. oligopoly and monopoly B. perfect competition and monopolistic competition C. monopolistic competition, oligopoly and monopoly D. monopolistic competition and oligopoly
Social overhead capital is basic infrastructure projects such as roads, power generation and irrigation systems.
Answer the following statement true (T) or false (F)
When two or more individuals own a business that does not have a legal existence separate from that of the individuals, it is known as a
a. joint proprietorship. b. multi-owner corporation. c. partnership. d. cooperative.
Which statement about price elasticity of demand along a linear demand curve is true?
a. As the quantity demanded increases, so does the buyer's sensitivity to price. b. When price elasticity of demand is equal to 1, consumers are indifferent to subtle price changes. c. The ratio of current price to quantity demanded is a good estimate of the elasticity of demand. d. As the prices of goods increase, the elasticity of demand increases. e. When an individual buys 4 units of a good his/her elasticity of demand for each unit increases.