Price elasticity inconsistent with standard economic theory

Of the given price elasticities for market supply curves or market demand curves, and the one which is absolutely inconsistent along with standard economic theory would be one for that, across feasible ranges of prices as: (i) supply is relatively elastic. (ii) demand is perfectly inelastic. (iii) supply is perfectly inelastic. (iv) demand is perfectly elastic. (v) supply is unitarily elastic.

How can I solve my Economics problem? Please suggest me the correct answer.

View Complete Question

Related Questions in Microeconomics

Q : Sole proprietorships and partnerships

The Sole proprietorships and partnerships account for the ________ percent of all U.S. firms and a _________ percent of sales by the U.S. firms: (1) Large; small. (2) Large; large. (3) Small; small. (4) Small; large. Find out the r

Q : Integrity and humanitarianism in

The economic system which depends associatively the least for its effectiveness and overall success on honesty and of members of economically and socially most elite groups in the system are nearly certainly: (1) Oligarchintegrity and hum

Q : Monopolistic competitor in market When

When this monopolistic competitor makes Q units: (1) P > MC. (2) MR = MC. (3) total revenue total cost is maximized. (4) MSB > MSC. (5) All of the above.

Q : Low-income elasticities of demand

Placing an excise tax upon goods along with low-income elasticities of demand will share out the tax burden as: (1) proportionally between high-income and low-income households. (2) disproportionately on high-income households. (3) disproportionately

Q : Define Real Rate of Interest Define

Define Real Rate of Interest in Economics?

Q : Average cost-aversge variable

Relation between Average cost, aversge variable cost and Marginal cost:

Q : Purely and monopolistically competitive

Purely competitive markets and monopolistically competitive markets have in general: (1) the collusive tendencies of large rival firms. (2) extensive negotiations about prices among buyers and sellers. (3) freedom of entry and exit wi

Q : Rule of thumb for office rent Is there

Is there any rule of thumb for office rent or on lease per gross income? If yes, then explain?

Q : Social welfare function What do you

What do you mean by a social welfare function? If you assume that such a function exists, what properties of social optima would be considered by you? Discuss such properties.

Q : Present value of asset by financial

When the interest rate is 5% and a financial investment produces annual payments of price $50,000, in that case the present value of this asset is: (w) $1,000,000. (x) $5,000,000. (y) $500,000. (z) $10,000,000.

Discover Q & A

Leading Solution Library

Avail More Than 1461028 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1954584
Asked

3,689

Active Tutors

1461028

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment