Why do theater owners often set lower ticket prices for students than for adults?
What will be an ideal response?
The demand for theater entertainment is more elastic in the case of students.
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
The corporate tax applies to firms' total revenues
a. True b. False Indicate whether the statement is true or false
The profit maximizing or loss minimizing quantity of output for any firm to produce exists at that output level in which:
A. total revenue is maximized. B. total cost is minimized. C. marginal cost is minimized. D. marginal revenue equals marginal cost.
Firms are the producing units of the economy.
Answer the following statement true (T) or false (F)