If a firm has no ability to select the price of its product, it: ...

[rosent76]

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.

[chjcharjto14]

Answer to Question 1

d

Answer to Question 2

e

[rosent76]

Wow, this really help

[ryhom]

Thanks for the timely response, appreciate it