题目内容

Which THREE of the following are likely to mean that the supply of a product is price elastic?

A. There is a shortage of a raw material needed to make the product.
B. There are high levels of unemployment among workers with the skills required to make the product.
C. The firm making the product has spare capacity in its manufacturing process.
D. It is difficult for the firm to switch resources away from producing alternative products.
E. The firm has high inventory levels of the finished product.

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lf a firm increases its price, which TWO of the following is true, if price elasticity of demand is unitary?

A. Total costs will fall
B. Total profit will fall
C. The number of units sold will remain the same
D. Total revenue will stay the same.

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