If the demand for a good is unit elastic
A) a 5 percent increase in price results in a 5 percent increase in total revenue.
B) a 5 percent increase in price results in a 5 percent decrease in total revenue.
C) a 5 percent increase in price does not change total revenue.
D) the demand curve is a straight line with slope of -1.
C
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The resource based view locates the source of advantage at the
a. Individual firm level b. Industry level c. Both a and b d. None of the above
Which of the following is not included in GDP but occurs hand-in-hand with improvements in GDP?
a. production b. services c. investment d. environmental protection
Some costs do not vary with the quantity of output produced. Those costs are called
a. marginal costs. b. average costs. c. fixed costs. d. explicit costs.
Examine the two figures below. Which illustrates a society that produces more capital goods than consumer goods?
What will be an ideal response?