If a Firm Wanted to Know Whether the Demand for Its

question 58

Multiple Choice

If a firm wanted to know whether the demand for its product was elastic, unit elastic, or inelastic, then the firm could

• A)survey competitors and ask them what they think demand elasticity is for the product.
• B)talk to its customers.
• C)change price a little bit and observe what happens to total revenue.
• D)not do anything as there is no way to find an elasticity value.

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Definitions:

Renal Pelvis

The central part of the kidney where urine collects before being passed into the ureter.

Cystectomy

A surgical operation to remove the urinary bladder.

Surgical Excision

The process of removing tissue or part of an organ by a surgical procedure.

Bladder

A hollow organ in the lower abdomen that stores urine.