Assume a product has an inelastic demand. If the producer of the good raises the price of the product, that producer's total revenue will decrease.
a. true
b. false
Answer: b. false
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Refer to the table above. France has absolute advantage in
A) grapes. B) textiles. C) both grapes and textiles. D) neither grapes nor textiles.
Discouraged workers are
A) those who have given up looking for work, even though they would like to be employed. B) those who quit working because they are dissatisfied with their jobs. C) those unmotivated workers who bring down a country's productivity. D) those who would like to find a second job to supplement their income, but have not yet found one.
Reductions in inflation have no cost in terms of lower output in ________
A) traditional Keynesian theory B) new Keynesian theory C) real business cycle theory D) traditional and new Keynesian theory
In which one of these years was the U.S. poverty rate the lowest?
A. 1960 B. 1964 C. 1973 D. 1983