The price elasticity of supply equals the percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement.
B) quantity supplied divided by the percentage change in price.
C) quantity demanded divided by the percentage change in price.
D) supply divided by the percentage change in the demand.
E) quantity supplied divided by the percentage change in the quantity demanded.
B
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iTunes offers samples of music downloads, and in doing so they
A) further inform customers. B) further reduce customer search costs. C) further expand the range of opportunities available to customers. D) do all of the above.
Industry concentration measures the extent to which
A) products are differentiated by the firms in the industry. B) the market is dominated by a small number of firms. C) the industry executives concentrate on their product. D) consumers are geographically concentrated.