Elasticity is a measure of the responsiveness of change in quantity demanded to a change in price
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Constant returns to scale (CRS) implies that ________
A) increasing all the factor inputs by the same percentage lead to the same percentage increase in output B) increasing all the factor inputs by the same percentage lead to a higher percentage increase in output C) increasing all the factor inputs by the same percentage lead to a lower percentage increase in output D) increasing all the factor inputs by the same percentage leaves output unchanged E) none of the above
Economics
In this graph, at which of the market prices would the firm make short-run economic profits?
a. P1
b. P2
c. P3
d. P4
Economics