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Suppose the Equilibrium Price in the Market Is $100 and the Marginal

Question 121

Multiple Choice

Suppose the equilibrium price in the market is $100 and the marginal revenue associated with the linear (inverse) demand function is $50. Then we know that the own price elasticity of demand is:


A) -2.
B) 1.
C) 2.
D) It cannot be determined from the information contained in the question.

Correct Answer:

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