At all the points above the midpoint on a linear demand curve, the value of price elasticity of demand is:
A) equal to one.
B) zero.
C) greater than one.
D) less than one.
C
You might also like to view...
Which of the following is a macroeconomic concept?
A) The elasticity of supply of a good B) The per capita income of a country C) The average revenue earned by a firm D) The income elasticity of demand for a good
If a country is producing efficiently and is on the production possibilities frontier, producing more of one good would result in a movement along the frontier
Indicate whether the statement is true or false
At any point below the current LM curve there is an
A) excess demand for money. B) excess supply of money. C) excess demand for goods. D) excess supply of goods.
A collective consumption good may be inefficiently produced by the private sector because _____
a. it is inefficient to raise price above marginal cost b. of free riding problems c. fixed costs are too high d. private producers are greedy