When the absolute price elasticity of demand equals 2.5, demand is
A) elastic.
B) unit-elastic.
C) inelastic.
D) undetermined without more information.
Answer: A
Economics
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A) opportunity cost approach. B) expenditure approach. C) added cost approach. D) income approach.
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If the total cost function is TC = 10Q3 - 50Q2 + 1000Q + 500, what is the equation for MC?
What will be an ideal response?
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In order to be successful in a market economy, entrepreneurs must
What will be an ideal response?
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According to the graph shown, total surplus is area:
A. A + B + C.
B. B.
C. A.
D. A + B.
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