Consider the straight-line demand curve illustrated in the figure above. At a price of $6, demand is
A) inelastic.
B) elastic.
C) unit elastic.
D) More information is needed to determine if the demand is elastic, unit elastic, or inelastic.
B
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Which of the following statements is CORRECT?
A) Because information is different from typical goods and services, it cannot be provided in a market. B) The marginal benefit from more information does not decrease. C) Too little information is provided if the market for information is a monopoly. D) Acquiring more information can never be inefficient.
Which of the following four firms would most likely be part of a monopolistically competitive market?
A) Lee, J Brand, Joe's Jeans, Paper Denim & Cloth, Levi's, and Wrangler are all producers of jeans. B) Mark sells the tomatoes he grew in his backyard at the local farmers market. C) The WaveHouse is the only place in San Diego where you can ride an indoor 10 foot wave. D) Amara Massage is the only firm which specializes in pre- and post-natal massage.