Suppose that the quantity of chain saws sold increased from 200 to 400 when the price fell from $225 to $175 . Over this price range, the absolute value of the price elasticity of demand for chain saws is

A monopsony is a market situation in which there is only one seller

a. True b. False Indicate whether the statement is true or false

For a firm in a perfectly competitive industry,

A) both short-run and long-run economic profits may be negative.
B) short-run economic profits must be zero.
C) short-run economic profits may be positive, but long-run economic profits must be zero.
D) short-run and long-run economic profits must be zero.