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Author Question: If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, ... (Read 41 times)

bio_gurl

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on: Jul 1, 2018
If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can conclude that the demand for oil is
 
  A) relatively elastic.
  B) relatively inelastic.
  C) perfectly elastic.
  D) perfectly inelastic.

Question 2

Joey's Lawncutting Service rents office space from Joey's dad for 300 per month. Joey's dad is thinking of increasing the rent to 400 per month. As a result Joey's marginal cost of cutting grass will
 
  A) increase by 100 divided by the amount of grass cut.
  B) increase by 100.
  C) decrease by 100.
  D) not change.


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sokh

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


bio_gurl

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

cpetit11

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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