If the demand curve for a good is elastic, consumers will spend more on that good when its price increases

If the demand curve for comic books is expressed as Q = 10,000/p, then demand has a unitary elasticity

A) only when p = 10,000. B) only when p = 100. C) always. D) never.

Under both perfect competition and monopoly, a firm:

a. is a price taker. b. maximizes profit by setting marginal cost equal to marginal revenue. c. will shut down in the short-run if price falls short of average total cost. d. always earns a pure economic profit.