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Company A's main competitor is Company B.Company A watches B's actions carefully, often trying to anticipate their actions and contemplate strategic reactions to those actions.This type of a market would best be characterized as:

Oligopoly

Monopoly

Perfect competition

Monopolistic competition

Herman, the owner of Herman's Hermitcrab Emporium, has estimated that if he changes his prices by 10% he would have roughly a 5% change in the quantity demanded for his product.Therefore the demand curve for his product is:

Elastic with a Price Elasticity of 0.5

Elastic with a Price Elasticity of 2.0

Inelastic with a Price Elasticity of 0.5

Inelastic with a Price Elasticity of 2.0

Venture Pharmaceuticals has finally succeeded in their quest to invent a Levitation Pill.Because they are the only producer, with no competitors whatsoever, this market structure would best be described as:

Oligopoly

Monopolistic competition

Monopoly

Perfect competition

When the price of a bottle of wine was $12, Cindy would buy 2 per week.Now that there is a sale, and the price has decreased to $10 per bottle, she purchases 5 per week.What is Cindy's price elasticity of demand?

Price Elasticity = 0.21

Price Elasticity = 4.71

Price Elasticity = 1.50

Price Elasticity = 0.67