Fast-second strategies are more likely to be used by:
A. dominant firms than by start-up firms.
B. pure competitors rather than by oligopolists.
C. start-up firms rather than by existing firms.
D. entrepreneurs rather than by corporations.
Answer: A
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Ceteris paribus, an increase in consumers' income will result in: a. a decrease in demand for an inferior good
b. an increase in demand for an inferior good. c. a decrease in the quantity supplied of an inferior good. d. an increase in the quantity supplied of an inferior good.
A value of the absolute price elasticity of demand equal to 0.5 indicates that
A) a 5 percent increase in price leads to a 10 percent decrease in quantity demanded. B) a 10 percent increase in price leads to a 5 percent decrease in quantity demanded. C) a 0.5 percent increase in price leads to a 1 percent decrease in quantity demanded. D) a 1 percent increase in price leads to a 5 percent decrease in quantity demanded.