As price increases, demand typically
a. becomes more elastic
b. becomes less elastic
c. does not change
d. elasticity does not change
b
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If there is a positive relationship between two variables,
A) the graph of the relationship will be downward sloping. B) the graph of the relationship will be upward sloping. C) the slope of the line graphing the relationship will be negative. D) Both answers A and C are correct. E) Both answers B and C are correct.
The existence of internal economies of scale
A) cannot be associated with a perfectly competitive industry. B) may be associated with a perfectly competitive industry. C) is associated only with sophisticated products such as aircraft. D) cannot form the basis for international trade. E) focuses more on the industry than individual firms.