Which of the following statements is true?
a. b and d.
b. Total revenue is maximized when elasticity is one.
c. Goods are said to be price inelastic when the elasticity is greater than two.
d. Demand for milk is more elastic than demand for football tickets.
e. Demand for 5-cent candy is more elastic than demand for sweaters.
b
Economics
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A firm operating with diminishing total returns cannot be profit maximizing
What will be an ideal response?
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Computers and computer software are complements. A decrease in the price of computers is likely to
A. decrease the demand for computers. B. decrease the demand for computer software. C. increase the demand for computers. D. increase the demand for computer software.
Economics