If two foods are perfect substitutes, the cross elasticity between them is
a. zero
b. negative
c. between zero and one
d. infinite
e. there is no specific cross elasticity for perfect substitutes
D
Economics
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The monopolistic competitor
A. produces at the minimum point of her average total cost curve. B. maximizes profits but does not minimize losses. C. is usually a small firm. D. can be a monopoly.
Economics
A society's production possibility frontier is bowed out from the origin because some resources are better suited for producing one good as opposed to the other.
Answer the following statement true (T) or false (F)
Economics