If a firm wanted to know whether the demand for its product was elastic, unit elastic, or inelastic, then the firm could
A) survey competitors and ask them what they think demand elasticity is for the product.
B) not do anything as there is no way to find an elasticity value.
C) change price a little bit and observe what happens to total revenue.
D) talk to its customers.
C
Economics
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What is deadweight loss and under what conditions does it occur?
What will be an ideal response?
Economics
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
Economics