If a price decrease leads to an increase in total revenue, demand must be:
a. perfectly inelastic.
b. relatively inelastic.
c. relatively elastic
d. unit elastic.
c
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The cookie industry in Eatsweetland consists of 15 firms. The industry sales are $80 million per month. The sales of the largest 5 firms are shown in the table below. The rest 10 firms have sales of $3 million each
What is the four-firm concentration ratio in Eatsweetland's cookie industry? A) 63 percent B) 44 percent C) 87 percent D) 56 percent
In evaluating the degree of economic efficiency in a market, we can state that the size of the deadweight loss in a market will be smaller
A) the greater the difference between marginal cost and average revenue. B) the smaller the difference between marginal cost and price. C) the greater the difference between marginal cost and price. D) the smaller the difference between marginal cost and average total cost.
The IS-MP model assumes the Fed targets ________, and the IS-LM model assumes the Fed targets the ________
A) the expected inflation rate; the unemployment rate B) short-term nominal interest rates; the money supply C) the output gap; the long-term real interest rate D) short-term real interest rates; the expected inflation rate
State mechanic lien laws
(a) required licensing of mechanics. (b) permitted laborers to make claims against the assets of an employer or business if it fell into bankruptcy. (c) assured payment for value added by labor to property of third parties. (d) gave property owners with goods held "in bailkment" a guarantee of competent repair work by mechanics.