When the price of a good is $5, the quantity demanded is 120 units per month; when the price is $7, the quantity demanded is 100 units per month. Using the midpoint method, the price elasticity of demand is about

The substitution effect explains why there is a direct relationship between the price of a product and the quantity of the product demanded

Indicate whether the statement is true or false

The most widely used approach for the analysis of oligopoly behavior is

A. game theory. B. role–playing. C. strategic engineering. D. input-output analysis.