In a perfectly competitive market, the price elasticity of demand for the market demand is ________ and the price elasticity of demand for an individual firm's demand is ________
A) infinite; infinite
B) less than infinite; infinite
C) infinite; less than infinite
D) less than infinite; less than infinite
B
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The table above gives information on the marginal perceived private benefit and marginal social benefit associated with vaccination against varicella (chicken pox)
If the marginal cost of a varicella vaccination is $10, to achieve an efficient quantity of vaccinations, the government could provide a subsidy of A) $4 per vaccination. B) $3 per vaccination. C) $2 per vaccination D) $1 per vaccination.
Refer to Table 19-18. What is real GDP in 2016, using 2011 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
A situation in which a private cost diverges from a social cost is
A) internal costs. B) an externality. C) an internality. D) a transactions cost.
Two goods are described as being complementary products if:
(a) They are used instead of each other. (b) They are products that people have to use. (c) They are usually used together. (d) None of the above.