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Author Question: A vertical demand curve A) is impossible. B) reasonably represents demand for essential goods. ... (Read 12 times)

olgavictoria

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on: Jul 1, 2018
A vertical demand curve
 
  A) is impossible.
  B) reasonably represents demand for essential goods.
  C) has a price elasticity of negative infinity since people will pay an infinite amount for the good.
  D) represents a normal good.

Question 2

In a Bertrand model with differentiated products,
 
  A) firms can set price above marginal cost.
  B) firms set price at marginal cost.
  C) price is independent of marginal cost.
  D) firms set price independently of one another.


diesoon

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

B

Answer to Question 2

A


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olgavictoria

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Reply #2 on: Jul 1, 2018
Thank you


diesoon

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Reply #3 on: Jul 1, 2018
No problemo


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