Companies that have goods that are unit elastic should do what to increase their profit

doesnt matter what they do because their profit will always de the same

Substitute goods have a

not enough information to answer

Quiz

2016: Ignacio Pa 10 questions

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1PED line with 0 slope means it is
1. APerfectly inelastic
2. BPerfectly elastic
3. CNone of the above
2a PED line that is completely vertical means that it is
1. APerfectly inelastic
2. BPerfectly elastic
3. CNone of the above
3YED greater than 1 means
1. ALuxury good
2. BInferior good
3. Cnone of the above
4YED less than 0 means
1. ALuxury good
2. BInferior good
3. CNone of the above
5YED between 0 and 1 menas
1. AInferior good
2. BLuxury good
3. CNone of the above
6Company with inelastic goods should
1. Aincrease prices
2. Blower prices
3. CNo change
7Companies with elastic goods should
1. Aincrease prices
2. Blower prices
3. Cno change
8Companies that have goods that are unit elastic should do what to increase their profit
1. Aincrease price
2. Blower price
3. Cdoesnt matter what they do because their profit will always de the same
9Unit elastic graph is seen as
1. Ahavisng a flat slope
2. Brectangular hyperbola
3. Cundefined slope
10Substitute goods have a
1. Apositive cross elasticity
2. Bnegative cross elasticity
3. Cnot enough information to answer