Prompt:
What does the “price elasticity of demand” measure? What does a price elasticity of demand coefficient of 1.2 mean? Does the product have an elastic, unitary elastic, or inelastic demand?
What happens to total revenue if price increases and demand is inelastic? Why?
What is the difference between economic and accounting profit? Why is a distinction between them important?
Distinguish the short run from the long run. Generally, what causes costs of production to vary with output in the short run? What generally causes costs of production to vary in the long run?
What is a natural monopoly? Why is the government justified in regulating a natural monopoly?
What are the conditions for price discrimination?
Why can a monopoly earn economic profits in the long run?
Requirements: Complete the above questions.
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