If the Price Elasticity of Demand Is 1

question 53

Multiple Choice

If the price elasticity of demand is 1.5 and the marginal revenue is $50, what is the price of the product?

• A)$50
• B)$15
• C)$100
• D)$150

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Definitions:

Free Traders

Individuals or entities advocating for minimal restrictions on international trade, believing it enhances economic efficiency and benefits all countries involved.

Merchandise Trade Imbalance

A situation where the import and export of goods in a country do not balance, resulting in either a trade surplus or deficit.

Overall Trade Imbalance

A situation where the value of a country's imports significantly surpasses or falls short of its exports, reflecting a disparity in trade flow.

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations and resulting in significant geopolitical changes and the establishment of the United Nations.