In the graph for the relationship between elasticity of the demand and total revenue, we can see that between five and ten units, ______.
a. total revenue is rising and marginal revenue is positive
b. total revenue is rising and marginal revenue is negative
c. total revenue is falling and marginal revenue is positive
d. total revenue is falling and marginal revenue is negative
d. total revenue is falling and marginal revenue is negative
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Economic theory assumes people want
A) material goods primarily. B) money in preference to all other goods. C) more of everything. D) to advance the projects in which they are interested. E) what serves selfish rather than altruistic goals.
Which of the following is a question that an economist would use to break down a problem?
A. Does the decision maker have a track record of being rational? B. Will the average income per person for the society increase? C. Is there a scarce resource that will be allocated? D. How might one person feel about the solution to the problem?
Which of these economic changes was observed during the Great Depression?
a. A fall in the domestic price level leading to an increase in import demand b. A fall in resource prices leading to an increase in aggregate supply c. An increase in unemployment leading to a decrease in the aggregate demand d. An increase in the domestic price level leading to an increase in export demand e. An increase in real GDP leading to an increase in the real interest rate
________ made illegal every conspiracy in restraint of trade or commerce among the several states.
A. The Humphrey-Hawkins Act B. The Clayton Act C. The FTC Act D. The Sherman Antitrust Act