If a firm in a perfectly competitive market faces a market price of $8, and it decides to increase its production from 300 units to 550 units, the firm's total revenue will:
A. increase from $2,400 to $4,400.
B. decrease from $4,400 to $2,400.
C. stay the same at $8.
D. likely rise, but it cannot be determined by how much.
A. increase from $2,400 to $4,400.
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Melanie is a reporter. She is writing an article on a certain issue. She, however, interviewed only those people who have the same opinion as she does on that particular issue. This is an example of a(n) ________ bias
A) attenuation B) distinction C) attentional D) confirmation
A Detroit business advertises, “The more we sell, the lower the price, and the lower the price, the more we sell.” This statement implies that the firm is experiencing
A. decreasing returns to scale. B. constant returns to scale. C. increasing returns to scale. D. abnormal demand patterns.
A monopsony owner believes that hiring an additional worker would increase the company's revenue by $150 per day. We can conclude that the monopsony pays its workers:
a. more than $150 per day. b. exactly $150 per day. c. less than $150 per day. d. exactly $75 per day.
Suppose that the Houston Rockets' management is considering a plan in which fans who donate blood can attend games for $35 instead of the usual $50. If both ticket revenues and blood donations rise with this plan, which of the following is true?
A. The demand for Houston Rockets' tickets is price inelastic. B. The demand for Houston Rockets' tickets is price elastic. C. The demand for blood donations is price elastic. D. The demand for blood donations is price inelastic.