Price elasticity of demand is useful because it measures __________ responsiveness to changes in __________
a. taxpayers'; demand
b. producers'; supply
c. consumers'; price
d. consumers'; demand
e. producers'; income
C
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La Bella Pizza is the only pizza place on Pepper Island. The figure above shows La Bella Pizza's demand curve, marginal revenue curve, and marginal cost curve. At La Bella Pizza's profit-maximizing output, its annual total revenue is
A) $168,000. B) $312,000. C) $336,000. D) $624,000.
If desired spending exceeds output, then firms:
A) accumulate their inventories and cut production. B) deplete their inventories and cut production. C) deplete their inventories and increase production. D) accumulate their inventories and increase production.
The Keynesian demand for real balances can be expressed as
A) Md = f(i,Y). B) Md/P = f(i). C) Md/P = f(Y). D) Md/P = f(i,Y).
Briefly explain the similarities and differences of decision making by the market sector and the public sector
What will be an ideal response?