The market for fish is perfectly competitive. So, the price elasticity of demand for fish from a single fishing boat
A) is less than the elasticity of demand for fish overall.
B) equals the elasticity of demand for fish overall.
C) is greater than the elasticity of demand for fish overall.
D) is sometimes greater than and sometimes less than the elasticity of demand for fish overall.
C
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High transactions costs are reflected in
A) wide bid-asked spreads. B) narrow bid-asked spreads. C) high equilibrium prices. D) low equilibrium prices.
Which of the following sources of productivity is the most difficult to acquire?
A) education B) experience C) talent D) training
Distinguish a direct and an inverse or negative relationship. Provide an example of each type of relationship
Exhibit 10-2 Aggregate supply and demand curves
In Exhibit 10-2, the change in equilibrium from E1 to E2 represents:
A. cost-push inflation. B. demand-pull inflation. C. price-push inflation. D. wage-push inflation.