The price ______ of demand measures the responsiveness of quantity demanded to a change in price.
a. unit
b. slope
c. curve
d. elasticity
d. elasticity
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What is the profit-maximizing rule for a monopolist?
What will be an ideal response?
If the Federal Reserve decreases the rate at which it increases the money supply, then unemployment is higher in
a. the long run and the short run. b. the long run but not the short run. c. the short run but not the long run. d. neither the short run nor the long run.
B. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. a. On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine the collective demand schedule on the assumption that the good is a public good Instructions:
Three firms agree to operate as a monopoly and charge the monopoly price of $100 for their product and (jointly) produce the monopoly quantity of 20,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ______
A) $1,300,000 B) $3,900,000 C) $3,000,000 D) $1,000,