When demand is unit elastic, a change in price causes total revenue to stay the same because
A) the change in profit is offset by the change in production cost.
B) buyers are buying the same quantity.
C) total revenue never changes with price changes.
D) the percentage change in quantity demanded exactly offsets the percentage change in price.
D
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In the two-country model of international labor mobility
A) the effect of migration is to cause real wages in the two countries to converge. B) the effect of migration is to cause real wages in the two countries to diverge. C) labor has only limited international mobility. D) the long-run equilibrium global real wage is equal to the lesser of the pre-migration wages in the two countries. E) the long-run equilibrium global real wage is equal to the greater of the pre-migration wages in the two countries.
In recent years, established U.S. stock exchanges have faced significant competition from
A. new start-ups. B. small, regional stock markets. C. foreign stock markets. D. people buying and selling stocks online
The period in which there are no fixed costs is the
A. Implicit run. B. Long run. C. Short run. D. Production run.
Total income in the economy can sometimes be greater than total spending.
Answer the following statement true (T) or false (F)