The figure above represents the behavior of total revenue as price falls along a straight-line demand curve. Unit elasticity of demand occurs at
A) point g.
B) point h.
C) point i.
D) point j.
B
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Explain what will happen to the equilibrium price and quantity of satellite TV service if the wages of the workers who provide the satellite TV service increase while at the same time the price of cable television service (a substitute for satellite
TV service) also increases.
If you are willing to pay no more than $4 for a slice of pizza and the price of a slice of pizza is $4, then
A) if you buy it, you would be cheated because you would realize no total benefit from the purchase. B) you buy it but you get no marginal benefit from the purchase. C) you will not buy it. D) you buy it but you get no consumer surplus from the purchase. E) you might buy it depending on how the slice's marginal benefit compares to its price.
An important function of the U.S. Federal Reserve is to
a. set the debt ceiling. b. fund Congressional spending. c. control the supply of money. d. mint coins.
Answer the following statement true (T) or false (F)
1) Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the weekend does not. 2) An economy will always operate at some point on its production possibilities curve. 3) In drawing a particular budget line, money income and the prices of the two products are fixed. 4) The lower the consumer's income, the higher his or her budget line.