If the elasticity of demand for cigarettes by teenagers is 1.5, then the price and total revenue from teens buying cigarettes are:
A. zero.
B. unrelated.
C. inversely related.
D. directly related.
Answer: C
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If total utility declines as an additional unit of a commodity is purchased,
A. marginal utility must be rising. B. marginal utility is negative. C. marginal utility is positive but falling. D. its price must have risen. E. marginal utility is zero.
Germany and __________ are two major banking-oriented systems
A) the United Kingdom B) Japan C) France D) the United States
Which of the following would not be included in GDP?
a. the real estate commission on the sale of a used home b. an attorney's fee for handling the sale of a used home c. the value of a used home, at its sale price d. fees paid to have the house cleaned
The horizontal dotted line is
A. a price ceiling.
B. a price floor.
C. the price at which quantity supplied equals quantity demanded.
D. the equilibrium price for this graph.