An economic consultant recently reported to Sam Snerd that the cross-price elasticity between his product and another firm's scooters is 4.5 . From this information Sam can conclude that
a. his firm's market is smaller
b. his firm is a monopolist
c. his firm's product has few substitutes
d. there is at least one other firm in his relevant market
e. scooters are complimentary to his firm's product
D
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When an innovation spreads among producers, the earlier adopters enjoy longer-lived streams of profit before the market reaches its new long-run equilibrium
Indicate whether the statement is true or false
The economy of the former Soviet Union is best described as a
a. primitive economy. b. market economy. c. hybrid economy. d. centrally-planned economy.
Transfer payments are the ______ and the ______ growing category of federal spending.
a. smallest; slowest b. smallest; most consistently c. largest; most erratically d. largest; fastest
An arrangement between firms whereby decision-making is controlled by a board of trustees is known as:
A. a trust. B. a compact between industry and government. C. predatory pricing. D. a merger.