If apples have an own price elasticity of ?1.2 we know the demand is:
A. unitary.
B. elastic.
C. inelastic.
D. indeterminate.
Answer: B
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If there is an external cost from making paper, an unregulated competitive market produces
A) less than the efficient quantity. B) the efficient quantity. C) more than the efficient quantity. D) a quantity that could be greater than, the same as, or less than the efficient amount.
Would the owner of a profit-maximizing fast-food establishment hire another worker for $55 per day if that worker added faster service, increasing sales and revenue by $98 per day? Why or why not?
Which of the following economic variables is exogenous in the Three-Sector-Model?
a. Government spending on goods and services. b. Real GDP. c. GDP price index. d. Quantity of the domestic currency per time period. e. None of the above.
When market failure occurs, the role of government is to
A. Do nothing. B. Eliminate markets. C. Create an alternative to markets. D. Push market outcomes closer to the ideal.