Author Question: Given the information in Scenario 4.3, it would be correct to say that demand is: A) infinitely ... (Read 97 times)

Anajune7 · **on:** Jul 1, 2018

Given the information in Scenario 4.3, it would be correct to say that demand is:

A) infinitely elastic.
B) elastic, but not infinitely elastic.
C) unit elastic (Ep = -1).
D) inelastic, but not completely inelastic.
E) completely inelastic.

Question 2

Under Scenario 18.1, suppose the body of water lies on an international boundary, and the fishermen speak a different language than the factory managers. The efficient outcome cannot be achieved if the cost of hiring translators for both parties:

A) is less than 4,000.
B) equals 5,000.
C) is greater than 6,000.
D) none of the above