In the United States:
A. the middle class has become the largest class.
B. the lower class has become the largest class.
C. all three classes are the same size.
D. the upper class has become the largest class.
Answer: A
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In order to maximize profits, a firm should decrease output whenever total cost exceeds total revenue
a. True b. False
Spending constants & lowering taxes
What will be an ideal response?
Suppose the four families listed in the table are the only demanders of Mt. Dew in the market. If the price of a case of Mt. Dew decreases by $1, the
a. market quantity demanded decreases by 10. b. market quantity demanded increases by 10. c. Adams family increases its quantity demanded by more than the Smith family. d. Jones family increases its quantity demanded by more than the Williams family.
If a price decrease of a product significantly raises its revenues, then the absolute price elasticity of demand for that product must be
A) less than one. B) equal to one. C) greater than one. D) an example of unit elasticity.