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Author Question: The price elasticity of demand depends on how readily and easily consumers can switch their ... (Read 75 times)

123654777

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on: Jun 30, 2018
The price elasticity of demand depends on how readily and easily consumers can switch their purchases from one product to another.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

When a firm makes zero economic profit, it means that:
 a. the firm is covering implicit costs alone.
 b. the firm is covering the total opportunity costs of its resources.
  c. the firm is covering explicit costs alone.
 d. the firm is running at an accounting loss.


komodo7

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Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

b


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