If the Market Elasticity of Demand for Potatoes Is -0

question 68

Multiple Choice

If the market elasticity of demand for potatoes is -0.3 in a perfectly competitive market, then the individual farmer's elasticity of demand

• A)will also be -0.3.
• B)depends on how large a crop the farmer produces.
• C)will range between -0.3 and -1.0.
• D)will be infinite.

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Definitions:

SWOT Analysis

A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

Weaknesses

Attributes or areas that require improvement to reach desired goals or to maintain competitiveness.

Strategy

A high-level plan or set of actions designed to achieve long-term or overall goals under conditions of uncertainty.

Opportunities

Circumstances or situations that present potential for growth, development, or success.