If Elasticity of Demand Is -2,marginal Cost Is $4,and Average

question 8

Multiple Choice

If elasticity of demand is -2,marginal cost is $4,and average cost is $6,a profit-maximizing markup price is:

• A) $4.
• B) $6.
• C) $8.
• D) $10.
• E) $12.

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Definitions:

Felonies

Serious crimes usually punishable by imprisonment for more than one year or by death.

Preponderance Of The Evidence

A standard of proof in civil cases that means the greater weight of the evidence must favor the party seeking to meet the burden of proof.

Standard Of Proof

The burden that the plaintiff or prosecution must meet in presenting their case; the measure by which evidence is judged to show a “preponderance of evidence” in a civil action and “beyond a reasonable doubt” in a criminal case.

Criminal Law

The branch of law that defines criminal offenses, regulates the apprehension, charging, and trial of alleged offenders, and establishes penalties and modes of treatment applicable to convicted offenders.