If There Are No Fixed Costs and Marginal Cost Is

question 1

Multiple Choice

if there are no fixed costs and marginal cost is constant at $24, the price elasticity of demand at the profit-maximizing level of output is closest to

• A)-1.63.
• B)-0.61.
• C)-3.26.
• D)-6.53.
• E)-0.31.

---

Definitions:

Promissory Note

A financial document in which one party promises to pay another party a specific sum of money on a specified date or on demand.

Code Requirements

The standards and regulations set forth in legal codes that must be adhered to in specific contexts, such as building or manufacturing.

Holder in Due Course

Refers to a party who has acquired a negotiable instrument in good faith and for value, thereby having certain protections against defenses and claims that could be asserted by prior parties.

Outstanding Debt

The total amount of borrowed money that is still owed to lenders and has not yet been repaid.