The accompanying graph depicts demand.
The price elasticity of demand at point C is:
A. 3/4.
B. 16/3.
C. 3/8.
D. 3/16.
Answer: A
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The opportunity cost of a hot dog in terms of hamburgers is the
A) ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers. B) ratio of the slope of the supply curve for hot dogs to the slope of the supply curve for hamburgers. C) money price of a hot dog minus the money price of a hamburger. D) ratio of the money price of a hot dog to the money price of a hamburger.
If entry into an industry was very easy, the four firm concentration ratio would not be a very useful index of the competitiveness in that industry
a. True b. False Indicate whether the statement is true or false
Which of the following is not considered a factor contributing to economic growth?
a. Growth in the quantity and quality of labor resources used b. Growth in physical capital inputs (machines, tools, buildings, and inventories) c. Growth in the money supply relative to the growth of final goods and services d. Government protection of property rights
Which of the following is the best example of a variable cost?
a. monthly wage payments for hired labor b. annual property tax payments for a building c. monthly rent payments for a warehouse d. annual insurance payments for a warehouse