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ECO 561 Week 6 Knowledge Check


Published on January 25, 2016

For more course tutorials visit 1. If the demand is QD = 100 – 10P and there is a $1 price increase, then the elasticity of demand at p = 2 is 2. If the absolute value of a demand elasticity is less than 1, then 3. If the cross-price elasticity is negative, then the two goods are 4. Under perfect competition, a firm maximizes its profit by setting 5. In a large city, a good, real-world example for perfect competition would be 6. A firm under monopolistic competition will earn

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