If a specific segment of a demand curve is price elastic, then we know that anywhere along that segment, the
a. percentage change in the quantity demanded exceeds one
b. percentage change in quantity demanded exceeds the percentage change in price
c. percentage change in price exceeds the percentage change in quantity demanded
d. the change in quantity demanded exceeds the change in price
e. the good has no close substitutes
B
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For a perfectly competitive firm that should continue to operate in the short run, loss is minimized where
a. MR is maximized b. MR = MC c. P < MC d. MR < MC e. MR > ATC
Which of the following statements is true of a barter system? a. In a barter system, it is difficult to keep track of the relative values of goods and services. b. In a barter system, an individual offers money to import goods and services
c. In a barter system, an individual offers currency notes to get coins. d. In a barter system, different kinds of money are exchanged for one another. e. In a barter system, individuals are self-sufficient.