【題目】 A firm in pure competition would shut down when price is less than average variable cost. price is less than average total cost. price is less than average fixed cost. price is less than marginal cost.
【題目】 The owner of a local hot dog stand has estimated that if he lowers the price of hot dogs from $2.00 to $1.50, he will increase sales from 400 to 500 hot dogs per day. Using the midpoint formula, the demand for hot dogs is unit elastic. perfectly elastic ...
You are an economist for the Taipei City Subway Commission. Presently, the price of a subway ride is $80, and 250,000 seats are filled weekly. The income elasticity of demand is -0.60. If a recession lowered area incomes by 5％, how many additional seats per week would the subway need? 答案 ...
【題目】 Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the supply curve of good B leftward. supply curve of good B rightward. demand ...
【題目】 For a good that is a necessity, demand tends to be inelastic. the law of demand often does not apply. its price elasticity equals one. quantity demanded tends to respond substantially to a change in price. 答案 : demand tend ...
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