When the Price Elasticity of Demand Is Less Than 1

question 66

Multiple Choice

When the price elasticity of demand is less than 1, then marginal revenue is

• A)equal to 0.
• B)positive.
• C)negative.
• D)greater than 1.
• E)infinity.

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Definitions:

Labour Market

The supply of available workers in relation to available employment.

Skills

The abilities and expertise that individuals possess, which are developed through training, practice, and experience, relevant to performing specific tasks.

Sense of Urgency

A mindset that emphasizes the importance of acting promptly and efficiently to address issues or opportunities, fostering a culture of responsiveness and proactivity.