The own-price elasticity of demand is defined as:
a. the ratio of a change in quantity demanded and the change in price.
b. the ratio of the percentage change in quantity demanded to the percentage change in price.
c. the ratio of the percentage change in quantity demanded to the percentage change in input prices.
d. the ratio of a change in output and the change in input usage.
B
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In order for bubbles to occur, expectations of a price increase usually_______demand and ______supply
a. Increases; Increases b. Increases; Decreases c. Decreases; Increases d. Decreases; Decreases
Profit-maximizing firms in a competitive market produce an output level where
a. marginal cost equals marginal revenue. b. marginal cost equals average total cost. c. marginal revenue is increasing. d. price is less than marginal revenue.