For which of the following is demand most likely to be price inelastic?
a. lamb
b. meat
c. veal
d. pork
e. beef
B
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There is greater support for active policymaking when
A) price flexibility is common. B) wage flexibility is common. C) pure competition is widespread. D) none of the above.
A monopolist earning short-run economic profit determines that at its present level of output, marginal revenue is $23 and marginal cost is $30 . Which of the following should the firm do to increase profit?
a. Raise price and lower output. b. Lower price and lower output. c. Raise price and raise output. d. Lower price and raise output. e. Lower output but leave price unchanged.
Perfectly competitive firms earn zero economic profit in the long run
a. True b. False Indicate whether the statement is true or false
Whenever a price floor is imposed above equilibrium price, it is true that:
a. supply will increase due to a higher price and a surplus will result b. supply will increase due to a higher price until it just equals the quantity demanded. c. demand will increase due to a higher price and a shortage will result. d. quantity supplied will exceed the quantity demanded.