Suppose Demand Can Be Written As $\mathrm { PQ } = 1000$

question 48

Multiple Choice

Suppose demand can be written as $\mathrm { PQ } = 1000$ .The price elasticity of demand is

• A)increasing as price rises.
• B)decreasing as price rises.
• C)constant regardless of prices and perfectly elastic.
• D)constant regardless of prices and unit elastic.

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Definitions:

MSC

Marginal Social Cost; the total cost to society of producing an additional unit of a good, including both private costs and any external costs.

MEC Curve

A graphical representation showing the marginal external costs associated with the production of additional units of a good.

Malpractice Lawsuits

Legal claims made against professionals who fail to perform their duties with the competence expected, leading to harm.

Missed Deadlines

Failure to complete or submit work, documents, or applications within the specified timeframe, which can have legal or procedural implications.