ECO561 ECO/561 Week 6 Quiz (6/6)

ECO561 ECO/561 Week 6 Quiz (6/6)

1. If the demand curve is QD = 100 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is2. If the absolute value of a demand elasticity is less than 1, then3. If the cross-price elasticity is negative, then the two goods are4. Under perfect competition, a firm maximizes its profit by setting5. In a large city, a good, real-world example for perfect competition would be6. A firm under monopolistic competition will earn


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