Simply divide the percentage change in the quantity demand with the percentage change in price, giving you a positive value of 0.5. This shows that it is inelastic and the two goods are substitutes to each other.
Answer:
True
Explanation:
The International Monetary Fund (IMF) is considered less controversial than the World Bank. Reason: Both the IMF and the World Bank were established at Bretton Woods. The World Bank is the less controversial of the two institutions.
A child who is at the age of between 8 and 12 are suggested to be in a booster seat to secure and protect them from any accidents that could occur. This will secure them to their seats and it suitable for their height and age. That is why the 8 year old who is at least 4 feet tall is expected to seat on a booster seat for his security and safety.
Answer: A. Cournot Oligopoly B. Stackelberg Oligopoly C. Bertrand Oligopoly
Explanation:
Cournot Model: In Cournot model, firms produce output independently and then set their prices. In this type of model, the products are typically standardized.
Stackelberg Model: In Stackelberg model, there is one firm who is quite dominant and that firm sets the price. Whereas, other firms or the competing lower firms usually follow the price leader.
Bertrand Model: In this model, firms have interaction with buyers in order to set prices and quantities.