Refer to the Following

question 78

Multiple Choice

Refer to the following:

The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.
-If the firm's demand and marginal revenue curves were drawn in the left-hand graph, what would be the elasticity of demand?

• A) zero
• B) -6
• C) -0.6
• D) infinitely elastic
• E) unitary

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