Answer
b.
Work Step by Step
Elasticity of demand refers to how much the demand curve is subject to change. Thus, if this value is low, the profit will be higher as there will be a smaller change in demand.
Microeconomics: Principles, Problems, & Policies, 20th Edition
by McConnell, Campbell; Brue, Stanley; Flynn, Sean
Published by
McGraw-Hill Education
ISBN 10:
0077660811
ISBN 13:
978-0-07766-081-9
Chapter 12 - Pure Monopoly - Review Questions - Page 276: 5
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