Each week Bill buys exactly 10 hot dogs regardless of their price. Bill's own price elasticity of demand for hot dogs IN ABSOLUTE VALUE is:
A. 1.
B. greater than 1.
C. zero.
D. less than 1.
Answer: C
You might also like to view...
The ________ measures the change in the demand of a good due to a percentage change in the consumer's income
A) substitution effect of a price change B) income effect of a price change C) cross-price elasticity of demand D) income elasticity of demand
Organized exchanges where securities and financial instruments are bought and sold are called
A) financial intermediaries. B) financial markets. C) banks. D) financial branches.
The difference between revenue and cost during a single year of a project's life is called the:
A. interest rate. B. net present value. C. net cash flow. D. profit.
For a monopoly producing any output level greater than one, the average revenue curve:
A. lies above the demand curve. B. lies below the demand curve. C. lies above the marginal revenue curve. D. is the same as the marginal revenue curve.