Say the demand curve for cigarettes was given by Q = 164 - 0.38P. When P = 20, a further increase in the price will
A. decrease total revenue.
B. leave total revenue the same.
C. increase total revenue.
D. we can't answer with the information given.
Answer: A
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Refer to Figure 10.1. The minimum feasible price is ________
A) P1 B) P2 C) P3 D) P4 E) none of the above
The famous phrase "the invisible hand" is associated with the economist ______________ ____________.
Fill in the blank(s) with the appropriate word(s).
Assume an economy moves from E1 to e2 to E3. Which of the following statements accurately describes the situation shown?
a. The economy is temporarily in an inflationary gap at E1.
b. At e2 the actual real GDP is less than the potential output.
c. The economy is in an inflationary gap at e2.
d. At e3 the price level has decreased from PL1.
Ans: C
Which of the following is NOT part of the expenditure approach to measuring GDP?
A) gross private domestic investment B) net exports of goods and services C) net interest D) personal consumption expenditures