If the price of business broadband is greater than that of residential broadband, all else equal,
A) business has greater price elasticity than residential.
B) residential has greater price elasticity than business.
C) both have positive income elasticity.
D) generally speaking, broadband is equally priced.
B
Economics
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Which of the following cases are examples of industries that have potentially increasing costs due to scarce inputs?
A) Petroleum production B) Medical care C) Legal services D) all of the above
Economics
To minimize total costs for a particular rate of output, a firm will equate
A) the average cost of each factor. B) the marginal revenue of each factor. C) the marginal physical product per dollar spent on each factor. D) the marginal revenue product and variable marginal revenue for each factor.
Economics