If a good is price elastic, an increase in price will increase total revenues
Indicate whether the statement is true or false
FALSE
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Ted can study for his economics exam or go to a concert. He decides to study for his economics exam instead of going to the concert. The concert he will miss is Ted's ________ of studying for the exam
A) opportunity cost B) explicit cost C) implicit cost D) discretionary cost
Which of the following is an example of a public good?
A) a lighthouse B) a box of cookies C) any kind of public transportation D) the subway
According to Fred Bateman and Thomas Weiss, in terms of industrial capacity in 1860, value added in manufacturing was close to _____ in the North, and _____ in the South
a. $500 million; $500 million b. $750 million; $500 million c. $1 billion; $400 million d. $1.6 billion; $193 million
If bad weather destroyed half of the current coffee crop, ceteris paribus, it would:
a. increase the demand for coffee. b. decrease the demand for coffee. c. increase the demand for tea d. decrease the demand for tea.