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 is the number of firms in this market?
A) 10
B) 20
C) 33
D) Cannot be determined.
Correct Answer:
Verified
Correct Answer:
Verified
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