The price elasticity of demand coefficient for a good will be greater:
a. if close substitutes exist.
b. if minor complements exist.
c. in the short-run.
d. if a small portion of the budget will be spent on it.
a
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The unregulated, single-price monopoly shown in the figure above will sell
A) less than 30 tickets. B) 30 tickets. C) 50 tickets. D) 100 tickets.
In a sequential game, given Mattie's best response function, what would Irene's best response be?
a. Not enter the market b. Enter the market c. Fight d. Run away
Someone once said that Chevrolet is so large that if it shakes its tail, its takes two years for its head to notice it. This is an example of
a. profit centers b. economies of scale c. diseconomies of scale d. diminishing marginal returns e. diminishing marginal cost
In the 1970s the international price of crude oil rocketed because:
a. the demand for crude oil fell short of its supply. b. a new source of natural gas was discovered. c. the demand for automobiles increased drastically. d. the supply of oil was restricted by the oil exporting countries. e. of the appreciation of dollar in the international market.