If the Demand Function for Orange Juice Is Expressed as Q

question 2

Multiple Choice

If the demand function for orange juice is expressed as Q = 2000 - 500p,where Q is quantity in gallons and p is price per gallon measured in dollars,then the demand for orange juice has a unitary elasticity when price equals

• A) $0.
• B) $1.
• C) $2.
• D) $4.

Understand the concept of market concentration and calculate concentration ratios.

Distinguish between different market structures based on characteristics and number of firms.

Understand the role and effect of advertising and brand names on market efficiency.

Analyze the profit-maximizing output level and pricing decisions in monopolistically competitive markets.

---

Definitions:

Rumors

Unverified information or stories spread informally, typically reflecting people’s desires to understand or make sense of their social environment.

Mass Hysteria

A phenomenon where a group of people exhibit similar hysterical symptoms or behaviors, often as a reaction to fear, rumor, or unknown events.

Psychogenetic Illness

Disorders that originate from psychological causes rather than physical ones, often involving symptoms without identifiable organic roots.

Collectives

Large groups of people who share common interests but may not have as much interaction or personal connection as a more tightly-knit group.