The mid-point formula overcomes what problem?

Group of answer choices

Quantifying changes in income

Calculating whether a good is a substitute or complementary good

measuring the change in unemployment to changes in prices

Calculating percentage changes in price depending on whither they are increasing or decreasing

Which of the following is not a determinant of the elasticity of demand?

The availability of substitute products

The share of the budget consumed by the potential purchase

Time

Absolute income levels

All of the other answers provided are determinants of the elasticity of demand

In which of the following periods is supply least elastic?

Group of answer choices

Fixed cost period

Short run

Market period

Long run

The market period describes:

The elasticity of demand is perfectly elastic

When the elasticity of supply is perfectly inelastic

The elasticity of demand for a single firm is more elastic that market demand

The elasticity of supply for a single firm is more elastic than the market supply curve

The market period is defined as:

A period of time after a market price change too short to change plant capacity - but long enough to vary output give the current capacity

A period of time long enough for producers to vary capacity

A period of time after a market price change in which the first fixed cost becomes variable

A period of time after a market price chnage that is too short for producers to respond with a change in quantity supplied