If demand is elastic, an increase in price will increase total revenue
a. True
b. False
Indicate whether the statement is true or false
False
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In the first years of the new nation, American producers
(a) found it difficult to compete with the British in manufactured goods. (b) quickly developed agricultural technology that was more efficient than that in England. (c) did not use British manufacturing technology because England had forbidden the export of its technology. (d) began to specialize in the production of manufacturing goods, selling them to England and Europe.
If Matt Taylor gets his $800 loan from the Paris First National Bank in cash rather than in the form of a new checkable deposit, the:
a. Paris First National Bank will get $800 in new reserves. b. Paris First National Bank will not get $800 in new reserves. c. assets of the Paris First National Bank will increase by $800. d. assets of the Paris First National Bank will decease by $88. e. liabilities of the Paris First National Bank will increase by $800.
The following data show the relationship between total cost and output in the short run. OutputTotal Cost0$518212315420527The firm's marginal cost is equal to average total cost somewhere between units
A. 3 and 4. B. 1 and 2. C. 4 and 5. D. 2 and 3.
Suppose we observe that a firm's total revenue doesn't change when price and quantity change by the same percentage. Which of the following is a possible value of its price elasticity of demand?
A. 0 B. 0.5 C. 1 D. 2