The more narrowly a product is defined, the less elastic the demand for that product will be
a. True
b. False
B
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In the long-run equilibrium in a perfectly competitive market,
A) the firms make an economic profit. B) the firms' owners make a normal profit. C) the average total cost is maximized. D) marginal cost is at a minimum.
One of the three reasons as to why the oversimplified multiplier formula overstates the multiplier is that it ignores price-level changes, which reduce the multiplier.
Answer the following statement true (T) or false (F)
In Figure 32.1, at the market price-quantity combination where production is unlimited, and the government buys the excess, the consumer surplus is Image
A. P*AC. B. HP*C. C. HpfloorBG. D. APfloorB.
If a fast food restaurant gives senior citizens a 10% discount on food every day, this is an example of price discrimination. If they only give the discount on Tuesdays, it is not price discrimination.
Answer the following statement true (T) or false (F)