Homework Answers
Answer
45)
A monopolist is the only firm in the industry and because of this firm does not have any close substitutes. Also There is technical and legal barrier to entry of new firms.
Hence, the correct answer is (b) monopoly.
46)
Cross price elasticity of demand = % change in demand of pencils / % change in Price of pens = 100% / 50%
= 2
When increase in price of one results in increase in demand of other then goods are substitutes to each other. Thus pens and pencils are substitute to each other.
Hence, the correct answer is (c) substitutes; 2
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