The flatter the demand curve through a given point, the
a. greater the price elasticity of demand at that point.
b. smaller the price elasticity of demand at that point.
c. closer the price elasticity of demand will be to the slope of the curve.
d. greater the absolute value of the change in total revenue when there is a movement from that point upward and to the left along the demand curve.
a
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Transfer earning is the minimum amount that has to be paid to a factor to allocate it in its next best alternative use
a. True b. False Indicate whether the statement is true or false
When would demand for a good be more inelastic?
a) when there are fewer available substitutes b) when the time period is considered longer c) when the good is considered more of a luxury good d) when the market is more narrowly defined
The graph above shows the demand and cost conditions facing a monopolist. What is the maximum profit the monopolist can earn?
A. $30 B. $2,400 C. $1,800 D. $10 E. $800
Figure 2.1Referring to Figure 2.1,if you increase the production of agricultural goods, what other area is affected?
A. the price of produce B. the production of manufactured goods C. how much people can purchase D. the wages earned by agricultural workers