If demand is unit elastic, an increase in price will lead to an increase in total revenue
Indicate whether the statement is true or false
False
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Total utility is constant along a given indifference curve
Indicate whether the statement is true or false
Which of the following countries is lacking an abundance of natural resources?
a. Australia b. Japan c. Brazil d. United States
Opportunity cost:
a. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity. b. represents the worst alternative sacrificed for a chosen alternative. c. represents all alternatives not chosen. d. represents the best alternative sacrificed for a chosen alternative.
Suppose that as the price of apples rises, people switch from eating apples to eating oranges. This is known as:
A. the normal effect of a price change. B. a decrease in the demand for apples. C. the substitution effect of a price change. D. the income effect of a price change.