A south sea island produces only coconuts. In 2012, the price of a coconut is $1 and the quantity produced is 200. In 2013, the price of a coconut is $1.50 and the quantity produced is 250. 2012 is the base year. Real GDP in 2013 is ________

Which of the following would most likely exhibit the highest price elasticity of demand?

A) gasoline B) one particular brand of toothpaste C) motor oil D) salt

Products can be differentiated

A. if the buyers are homogeneous and their number increases. B. only by brand name. C. by location and by brand name. D. none of these.