Author Question: When the marginal revenue curve cuts the horizontal axis, A) demand is relatively elastic. B) ... (Read 109 times)

luminitza

  • Hero Member
  • *****
  • Posts: 555
When the marginal revenue curve cuts the horizontal axis,
 
  A) demand is relatively elastic.
  B) demand is relatively inelastic.
  C) demand is perfectly elastic.
  D) demand is unitary elastic.

Question 2

In the absence of any government regulation on price, if a firm has no power to set price on its own, one can safely conclude
 
  A) the demand curve for the firm's product is horizontal.
  B) there aren't many firms in the industry.
  C) the market is in long-run equilibrium.
  D) the firms in this industry are not profitable.


enass

  • Sr. Member
  • ****
  • Posts: 380
Answer to Question 1

D

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

For a complete list of videos, visit our video library