| Posted on April 14, 2014 at 8:20 PM |
When marginal revenue is greater than zero, demand is price elastic. When marginal revenue is less than zero, demand is price inelastice. When marginal revenue equals zero, demand is unit elastic.
This No Bull Review video illustrates how this conceprt is linked to a firm selling output in an imperfectly competitive market such as a monopoly.
AP Microeconomics Unit 2 Product Markets
Categories: AP Microeconomics, Micro Unit 2 Product Markets
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