If total revenues decline when the market clearing price increases, then we know that
A) demand is inelastic.
B) demand is elastic.
C) demand is unit-elastic.
D) demand has zero elasticity.
B
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Why do publishers print the first edition of a book by a popular author in hard cover and not in paperback?
A) Hard cover books are long lasting and paperbacks can rip easily. B) Readers who want to read the book as soon as it comes out will be willing to pay a higher price compared to those who can wait for the paperback edition. C) A hardcover is the publishers' way of rewarding the avid readers. D) Publishers are not sure of the demand. E) Publishers cannot price discriminate.
Right to work laws
A. are part of the legislation that was the foundation for the growth of unions in the U.S. B. are included in the Wagner Act. C. permit workers to be paid less than comparable worth would allow. D. are in state laws that limit union power.
In the above figure, a shortage could be caused by a government price ceiling set at
A. $2.50. B. $2.00. C. $1.00. D. $3.00.
Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The average cost of the 5th T-shirt is
A) 2. B) 12. C) 52. D) 60.