ECEN 415 Exam 1 questions n answers rated A+

ECEN 415 Exam 1 questions n
answers rated A+

Examples of Open Electric Energy Markets - ANS ✔Bilateral & Pool



Monopoly - ANS ✔One seller that takes all market share and power



Oligopoly - ANS ✔Few sellers competing with each other



Duopoly - ANS ✔Two sellers



Self Elasticity is always - ANS ✔Negative



Cross Elasticity is always - ANS ✔Positive



Self Elasticity measures.. - ANS ✔elasticity of price and demand of a single product



Cross Elasticity measures... - ANS ✔elasticity of price and demand of a product and its
substitutes



Elastic if.. - ANS ✔percentage change in price results in larger percentage change in demand



Inelastic if.. - ANS ✔percentage change in price results in smaller percentage change in demand



Demand is Unit Elastic if.. - ANS ✔elasticity = -1