If a firm wanted to know whether the demand for its product was elastic, unit elastic, or inelastic, then the firm could A. talk to its customers. B. survey competitors and ask them what they think demand elasticity for the product is. C. not do anything as there is no way to find an elasticity value. D. change price a little bit and observe what happens to total revenue.
If a firm wanted to know whether the demand for its product was elastic, unit elastic, or inelastic, then the firm could A. talk to its customers. B. survey competitors and ask them what they think demand elasticity for the product is. C. not do anything as there is no way to find an elasticity value. D. change price a little bit and observe what happens to total revenue.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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