In the above graph, unit elasticity would occur at approximately point _____.
A. A
B. B
C. C
D. D
C. C
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Which of the following firms is most likely to be a monopoly?
A) local restaurant B) local distributor of natural gas C) local book store D) clothing store E) local bank
Which of the following macroeconomic variables would be drawn accurately as perfectly inelastic?
A. Aggregate demand B. Short-run aggregate supply C. Long-run aggregate supply D. None of these should be drawn as perfectly inelastic.
Which of the following would not cause an increase in demand for tennis balls?
a. a reduction in the price of tennis racquets b. a decrease in the price of tennis balls c. an unusually sunny fall and winter d. an increase in the popularity of tennis
The opportunity cost of holding money is
a. the dollar cost necessary to change other assets into money b. the time cost of accessing funds c. the value of the goods and services a person is able to obtain with the money d. the interest a person could have earned by holding other forms of wealth instead e. zero, because opportunity costs only apply to real assets, goods and services