Changing prices to attract customers is most difficult in a "<span>purely competitive market"
Hope this helps!</span>
Answer:
The markup calculated as a result of information about the elasticity of demand
Explanation:
As a monopoly seller of pharmaceutical products the price set as markup would be above our marginal cost.
There are three facts about markup:
1. The Markup is not to be a price below marginal cost of the pharmaceutical product.
2. Markup is smaller when demand is more elastic. Remember if the price elasticity of demand is lower than 1, (negative) a rise in price causes an
increase in revenue for the seller.
Therefore having a -4 elasticity of demand could imply more profits for the firm.
Answer: rotate the bottom to the right, top to bottom and right to top
Explanation:
Answer:
C. Letter C; demand exceeds supply, resulting in a shortage
Explanation:
I had put my answer as A on the test and got it wrong. But this is the correct answer C.
