Price elasticity of demand
What will be an ideal response?
Percentage change of Qd divide change in P
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A firm that generates zero economic profit usually has
A) negative business profit. B) zero business profit. C) positive business profit. D) business profit equal to half the total revenue.
In recent years the U.S. social and economic problems have _____ and government will get _____ involved in solving these problems.
A. increased; more B. increased; less C. decreased; more D. decreased; less
A profit maximizing single-price monopolist charges a price equal to
A) average total cost. B) marginal revenue. C) the highest price consumers are willing to pay for the profit maximizing quantity. D) the price necessary for the firm to earn a normal return on its investment.
Suppose you had to design an economic system for a country that had never existed before, like one of the former Soviet Union countries. What criteria would you consider to minimize the excess burden of the system of taxation?
What will be an ideal response?