A good would have a high price elasticity of demand if:
a. there are many close substitutes for the good available in the market.
b. the good is used every day by almost every household in the economy.
c. the good has a low cost in proportion to most consumers' budgets
d. consumers cannot delay the purchase of this good.
a
Economics
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A firm sets its output where
A) marginal profit minus marginal cost equals zero (MP - MC = 0). B) marginal revenue minus marginal profit equals zero (MR - MP = 0). C) marginal revenue minus marginal cost equals zero (MR - MC = 0). D) marginal revenue minus marginal cost is greater than zero (MR - MC > 0)
Economics
For a perfectly competitive? firm, the? firm-specific demand curve is ___________
Fill in the blank(s) with the appropriate word(s)
Economics