When demand is elastic
A. the percentage change in quantity demanded is greater than the percentage change in price.
B. a price increase lowers total revenue.
C. buyers are sensitive to price changes.
D. All of the statements are true.
D. All of the statements are true.
Economics
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Reputational rents refer to
A) the profit earned by a firm when it captures economies of scope. B) the costs associated with building credibility of a firm. C) the profit earned solely based on the credibility of a firm. D) the costs associated with the firm's achievement of economies of scale.
Economics
For a natural monopoly, long-run average costs
A) fall as output increases. B) rise as output increases. C) fall as output falls. D) rise as output falls.
Economics