If demand is elastic, then when price rises, total revenue will decrease.
Answer the following statement true (T) or false (F)
True
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An industry with a high concentration ratio might still be competitive if
A) there are no close substitutes for its product. B) its barriers to entry are low. C) its production is geographically concentrated. D) it has a high ratio of value added to sales.
If faced with the same cost conditions as a perfectly competitive firm, a monopoly will
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit can be made.
Advocates of the New Growth Theory claim that they have improved upon the neoclassical model by
a. focusing on the rate of investment, rather than the amount of investment b. adding population growth to the list of key variables c. assuming that knowledge obtained in one country would be easily available to those in othercountries d. making technological change a part of the model, rather than something brought in from theoutside e. none of the above
According to the data on real U.S. GDP,
a. economic growth has been irregular, with periodic downturns. b. economic growth has been consistent, with few downturns. c. economic growth has been extremely rapid, but with major collapses. d. economic growth has been elusive, but downturns have been eliminated.