Which of the following statements is correct?
a. The demand for flat-screen computer monitors is more elastic than the demand for monitors in general.
b. The demand for grandfather clocks is more elastic than the demand for clocks in general.
c. The demand for cardboard is more elastic over a long period of time than over a short period of time.
d. All of the above are correct.
d
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In the above figure, by increasing its output from Q1 to Q2, the firm
A) reduces its marginal revenue. B) increases its marginal revenue. C) decreases its profit. D) increases its profit.
A perfectly competitive firm need never consider
a. price because it cannot control price b. its fixed cost because it cannot shut down c. its market share because advertising keeps it competitive d. the effect of its own production on price e. barriers to entry because the barriers never change