A firm raises the price it charges. The firm's total revenue decreases. What can we conclude about the price elasticity of demand?
A) Demand is elastic.
B) Demand is unit elastic.
C) Demand is inelastic.
D) Demand is perfectly inelastic.
E) Not enough information is given to conclude anything about price elasticity of demand.
A
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Indicate whether the statement is true or false
Individuals conscripted into military service _____
a. are forced to work for less than the market wage b. bear a heavy tax burden c. are not necessarily those with a comparative advantage in being a soldier d. all of the above
The problem of scarcity: a. exists because resources are limited relative to wants
b. exists because resources are unlimited relative to wants. c. can be eliminated through appropriate government intervention into markets. d. does not exist in communist societies.
Nursing home care is covered by
A. Medicaid, regardless of income or wealth. B. Medicaid, but only for the poor. C. Medicare, Part A. D. Medicare, Part B.