Which of the following would be considered a factor of production in the provision of bus service?
A. The amount it costs to provide bus service between two locations.
B. The hourly wage paid to bus drivers.
C. The revenue from the sale of bus tickets.
D. Bus drivers.
Answer: D
Economics
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If the demand curve facing a monopoly was 1 unit at $7, 2 units at $6, 3 units at $5, 4 units at $4, and 5 units at $3, at the point along the curve where 3 units are being sold, the elasticity of demand: a. is greater than one
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