1)State true or false and justify your answer: Governments want to implement a price hike policy to significantly reduce the consumption of cigarettes

Subject:EconomicsPrice:4.88 Bought15

Share With

1)State true or false and justify your answer:

Governments want to implement a price hike policy to significantly reduce the consumption of cigarettes. This policy will be effective if demand is inelastic.

2)What does it mean for products to have different price elasticities?

3)At the end of a process of entry and exit, for the marginal firm:

a. Price is equal to the average total cost,

b. Total revenue is equal to the total cost,

c. Economic profit is zero,

d. All of the above are correct.