In a Competitive Market Where the Elasticity of the Market

question 119

Multiple Choice

In a competitive market where the elasticity of the market demand curve is -2,the elasticity of the supply curve is 1,and an individual firm faces a residual demand curve with an elasticity of -98.What happens to the individual firm's residual demand curve when the number of firms serving this market declines?

• A) It becomes less elastic.
• B) It becomes more elastic.
• C) It does not change.
• D) It cannot be determined.

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Definitions:

Unpaid Time Off

Time away from work, such as for personal reasons, health, or vacation, during which an employee does not receive salary or wages.

Serious Illness

A health condition that poses a significant risk to an individual's well-being, often requiring extensive medical care.

Civil Rights Act of 1991

A landmark United States labor law that strengthened the rights of employees regarding workplace discrimination, making it easier to bring discrimination lawsuits and obtain jury trials and damages.

Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature that can affect an individual's employment, interfere with an individual's work performance, or create a hostile or offensive work environment.