The Industry Elasticity of Demand for Good Y Is -3

question 47

Multiple Choice

The industry elasticity of demand for good Y is -3, while the elasticity of demand for an individual manufacturer's of good Y is -12.Based on the Rothschild approach to measuring market power, we conclude that

• A)4, indicating there is significant monopoly power in this industry.
• B)1/4, indicating there is little monopoly power in this industry.
• C)4, indicating there is little monopoly power in this industry.
• D)none of the statements associated with this question are correct.

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