Which of the following factors is associated with products with a highly price elastic demand?
a. Few close substitutes.
b. A very short time period for consumers to respond to price changes.
c. Many very close substitutes.
d. A per unit price that is only a very small portion of most peoples' budgets.
c
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Universities sometimes hire professors who are poor teachers but have good research skills because
a. research ability is more important in education than teaching ability b. students don't listen to professors anyway c. teaching can be learned; research ability cannot d. research skills are easier to measure than teaching skills e. research skills are difficult to measure
The maximum possible profit that could be earned by a cartel is: a. greater than the monopoly profit
b. equal to the monopoly profit. c. less than the monopoly profit. d. unrelated to the level of monopoly profit.