Suppose Hannah's Cookies sells cookies in a perfectly competitive market. It sells 200 cookies per week at a price of $2 per cookie. If it decides to increase the price to $2.50 per cookie, then its sales _____
a. will decrease by 150 cookies per week
b. will decrease by more than 200 cookies per week
c. will drop down to zero
d. will decrease by 100 cookies per week
c
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Which of the following is likely to happen if the government raises tax rates?
A) Unemployment will fall. B) Investment will increase. C) Price level will rise. D) Consumption will decrease.
You are at a sports memorabilia convention and you are the last of 100 people chosen to have your picture taken with either Joe Montana or Nolan Ryan
Your payoff depends on how quickly you can have your picture taken, as you have many other things you want to see at the convention. You have no preference with whom you have your picture taken, and since you were the last chosen you will be the last person in line to get your picture taken with the sports legend you select. Identify all the Nash equilibria in this game and explain your reasoning.
Legal immigration to the United States peaked just before World War I, but today is almost zero
Indicate whether the statement is true or false
The price elasticity of demand for tickets to local hockey matches is estimated to be equal to 0.89 . In order to boost ticket revenues, an economist would advise:
a. decreasing the price of hockey match tickets because demand is elastic b. increasing the price of hockey match tickets because demand is elastic. c. not changing the price of hockey match tickets because demand is unit elastic. d. increasing the price of hockey match tickets because demand is inelastic.