Even Though Odin Is Only 22-Years-Old, He Is Already the "King

question 36

Multiple Choice

Even though Odin is only 22-years-old, he is already the "king of trivia." If Odin is typical, what will happen to his ability to do well in trivia games?

• A) It will decline with age.
• B) It will remain the same throughout his life.
• C) It will increase with age.
• D) It will increase until he is about 40, and then will decline dramatically.

Understand the concept of price elasticity of demand and how it is determined.

Analyze the effects of price changes on total revenue depending on the elasticity of demand.

Grasp why demand elasticity can vary with the slope of the demand curve.

Understand why demand is more elastic in the long run compared to the short run.

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