Suppose the price of a product rises and the total revenue of sellers increases.
What will be an ideal response?
No conclusion can be reached with respect to the elasticity of supply.
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The table above shows the demand and costs for a single-price monopolist. When it maximizes its profit, the firm makes an economic profit of
A) $15. B) $25. C) $40. D) $45.
Our ______ summarizes our transactions involving the international exchange of goods and services, investment income, and other miscellaneous transactions.
Fill in the blank(s) with the appropriate word(s).
The four categories of investment expenditures are
a. producer’s durable equipment and software, new nonresidential structures, changes in inventories, and residential structures. b. producer’s durable equipment and software, new nonresidential structures, consumer’s durable equipment and structures, and residential structures. c. producer’s durable equipment and software, new nonresidential structures, consumer’s durable equipment and structures, and residential structures. d. consumer’s durable equipment and structures, new nonresidential structures, changes in inventories, and residential structures.
Which component of federal spending is included in GDP?
A. net exports B. transfer payments C. government purchases D. capital supply