Price and total revenue are inversely related when demand is
A. perfectly price inelastic.
B. price elastic.
C. price inelastic.
D. unit price elastic.
Answer: B
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Refer to Figure 1A.1. If the hours worked per week are 30, the income per week is
A) 50. B) 100. C) 150. D) 200.
Suppose that a monopoly is currently producing the quantity at which marginal revenue is less than marginal cost. The monopoly can increase its profit by
A) shutting down. B) lowering its price and increasing its output. C) raising its price and decreasing its output. D) lowering its price and decreasing its output. E) not changing its price and increasing its output.
A change in ________ creates a movement along the aggregate demand curve but does not shift the aggregate demand curve
A) tax rates B) the price level C) fiscal policy D) None of the above because they all shift the aggregate demand curve.
In the loanable funds market, the price that borrowers must pay for earlier availability is the
a. inflation rate. b. wage rate. c. interest rate. d. exchange rate.