Suppose You Observe That Output in an Industry Occurs on the Inelastic

question 37

Multiple Choice

Suppose you observe that output in an industry occurs on the inelastic part of the market demand curve.Which of the following can you conclude from this?

• A)The industry is definitely behaving as a monopoly that is protected by barriers to entry.
• B)The industry is definitely not behaving as a monopoly that is protected by barriers to entry.
• C)The industry could be perfectly competitive.
• D)The industry is definitely not perfectly competitive.
• E)Both (a) and (d)
• F)Both (b) and (c)
• G)Both (b) and (d)
• H)None of the above

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Definitions:

Weak Analogy

A type of logical fallacy that occurs when an analogy is used to prove or support a conclusion, but the analogy is too dissimilar to be effective.

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Lack of Motivation

A state where there is an absence of desire or willingness to take action or accomplish tasks.

Program Design

The process of planning and structuring the components and logic of a program or software to achieve specific goals.