If the price elasticity of demand is very elastic, which of the following could be a possible value of the elasticity?
A. 2
B. 1
C. 1/3
D. 0
Answer: A
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Which of the following is a characteristic of a single-price monopoly?
A) The firm is a price taker. B) Demand is perfectly elastic. C) There are many close substitutes for the firm's product. D) The market price exceeds marginal revenue.
What is the term used for the process by which an entrepreneur creates or recognizes a new and better product, acquires it, and brings it to market, making older substitutes obsolete?
a. creative destruction b. innovation c. the substitution effect d. backward-bending innovation
The unionized percentage of the labor force in the United States has been increasing steadily since the 1950s.
Answer the following statement true (T) or false (F)
formula for consumer price index
What will be an ideal response?