A 3 percent increase in the price of cotton leads to a 6 percent decrease in the quantity demanded of cotton. The absolute price elasticity of demand is

A high Herfindahl-Hirshman Index indicates that an industry ______.

a. has a large number of firms b. is an oligopoly c. has perfect competition d. is competitive

Suppose that a curve has a slope equal to zero at some point A. To the right of A, the curve may

A. have a positive slope. B. have a negative slope. C. be a straight line. D. All of these responses are correct.