Suppose a firm's patent expires. In this case, the market price of the good/service will _____ and the quantity sold will _____.   Question 26 options: a increase; increase b increase; decrease c decrease; increase d decrease; decrease

34. The point price elasticity of demand for red herring is −4. The demand curve for redherring is: Q = 120 − P. What is the price of red herring?(a) $96(b) $80(c) $100(d) $120(e) None of the above.

Supply curves tend to be more ______ the  greater the time period facing the producer. A) Price -in elastic  B) price- elastic  C) steeply sloped  D) infkexi

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A1). The price, p, that a bookstore charges for a special gift edition of a popular trilogy is related to the demand, q, by the equation 100pq + q? = 5,000,000. Suppose the price is currently set at $40. (a). At what rate is the demand currently changing with respect to this price? (Include units) (b). At what rate is the revenue currently changing with respect to this price? (Hint: use the chain rule). (Include units). (c). Suppose the demand is currently increasing at a rate of 50 copies per month. How fast is the price currently changing per month? (again, assume the price is currently $40).Include units.

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