When the percentage change in the quantity demanded exceeds the percentage change in price, then demand is
A) inelastic.
B) unit elastic.
C) elastic.
D) irrelevant.
E) undefined.
C
Economics
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If every firm is a price taker, then which of the following characteristics does their industry have?
a. large number of sellers b. many versions of the product c. limited resource mobility d. few consumers e. market power
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Outsourcing is a management innovation that emphasizes:
A. hiring only managers educated in another state. B. assignment of management and production responsibilities to another firm. C. reduction in the purchase of resources to the bare essentials. D. vertical integration of production and service.
Economics