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.

Analyze the effects of price changes on the quantity demanded and total revenue.

Differentiate between elastic, inelastic, unit-elastic, perfectly inelastic, and perfectly elastic demand.

Determine the relationship between price movements and total revenue changes.

Interpret total revenue graphs and diagrams in relation to price elasticity.

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