Author Question: If a firm has no ability to select the price of its product, it: a. will go out of business due to ... (Read 39 times)

rosent76 · **on:** Jun 30, 2018

If a firm has no ability to select the price of its product, it:
a. will go out of business due to losses.
b. is a price-maker.
c. cannot maximize profit.
d. has a horizontal individual demand curve.

Question 2

In differentiating between the short- and long-run elasticities, when economists talk about short-run elasticities,
a. b and c.
b. there is no need to mention short versus long run.
c. the only issues are price and quantity.
d. short-run elasticities are usually higher.
e. short-run elasticities are usually lower.