At the midpoint of a linear demand curve, the price elasticity of demand is:
A) equal to zero.
B) between zero and one.
C) equal to one.
D) greater than one.
C
You might also like to view...
Hot dogs and hot dog buns are found to be related by the cross elasticity of demand. If they are complementary goods, the cross elasticity will be
a. positive. b. equal to zero. c. negative. d. unknown.
Americans generally pay
A. a lower percentage of their incomes in taxes than citizens of other industrialized countries. B. a lower percentage of their incomes in taxes than citizens of other industrialized countries, with the exceptions of Sweden and the Netherlands. C. about the same percentage of their incomes in taxes as citizens of other industrialized countries. D. a higher percentage of their incomes in taxes than citizens of other industrialized countries.
Refer to Figure 17.4. A long-run increase in productive capacity for the economy can be illustrated by a move from point
A. E to point A. B. A to point B. C. A to point C. D. C to point D.
Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. Mutually beneficial terms of trade between Russia and Panama would be:
A. 1 hat for 2 gloves. B. 1 glove for 6 hats. C. 5 gloves for 3 hats. D. 1 hat for 1 glove.