If the demand curve facing a monopoly was 1 unit at 7, 2 units at 6, 3 units at 5, 4 units at 4, and 5 units at 3, at the point along the curve where 3 units are being sold, the elasticity of demand:
a. is greater than one.
b. is equal to one.
c. is less than one.
d. cannot be determined from the above information.
Question 2
The United States has no comparative advantage in shipping, so a domestic shipping industry has no reason to exist.
a. True
b. False
Indicate whether the statement is true or false
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