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21. Consider a demand curve which takes the form of a straight line cutting both axis. Elasticity at the mid-point of the line would be
1.5
1.0
0
2.0
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22. In long run competitive equilibrium
The marginal firm will earn no profit
Every firm will incur losses
Every firm will earn only normal profit
Every firm will earn economic profit
23. A straight line, downward-sloping demand curve implies that, as price falls, the elasticity of demand
Remains the same
Decreases
Increases
is zero
24. In the long-run, due to blocked entry pure profits can be made by
Pure duopolist
Pure monopolist
Pure oligopolist
None of the above
25. Risk neutrality implies a
constant utility of income.
constant marginal utility of income.
diminishing marginal utility of income.
increasing marginal utility of income.
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