In the above figure, through which range would the demand for this good be most inelastic?

Tammy sells woolen hats in a perfectly competitive market. The marginal cost of producing 1 hat is $24. The marginal cost of producing a second hat is $26 and the marginal cost of producing a third hat is $28. The market price of a hat is $26

To maximize profit, Tammy produces ________ per day. A) 1 hat B) 3 hats C) 2 hats D) as many hats as possible

Which of the following phrases indicates that income is being spoken of?

A. Tuesday, at 12:30 p.m. B. July 14, 1948 C. From January 1 to March 30 D. Yesterday afternoon