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11 Dec 2019

Monopolists's always produce on the elastic portion of their demand curves. True or false, please provide an explanation

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12 Dec 2019
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If the elasticity of demand for a good is perfectly elastic then derived demand for a factor(labor) used to produce this good must also be perfectly elastic false true uncertain why thanks

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1) If the price of gasoline increases 10% and quantity demanded decreases by 5%, then the demand curve for gasoline is:

A) inelastic.

B) elastic.

C) unitary elastic.

D) a perfect substitutable good.

2) If a good has an elasticity of demand of 21, then we say the good is:

A) highly inelastic.

B) unitary elastic. C) not elastic.

D) highly elastic.

3) For inferior goods, when an individual's income decreases, quantity demanded for these goods increases.

A) True

B) False

The demand for cosmetic surgery is more elastic than the demand for Botox treatments. True or false?

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