If the price of a good is increased and total revenue received from the sale of this good increases, then the price elasticity of demand for the good is
A) elastic.
B) inelastic.
C) unitary.
D) None of the above
B
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A form of business whose profits are taxed twice is
A) a proprietorship. B) a partnership. C) a corporation. D) either a proprietorship or a partnership, depending on other information.
The slope of the per person production function is
A) the marginal product of labor. B) the marginal product of capital. C) lower for a poor country than for a rich country. D) higher for a rich country than for a poor country.
Given that the firm wants to sell both the versions, how high can the no-name brand be priced?
a. $30 b. $40 c. $60 d. $70
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. How many transactions must the market maker make if he wants to maximize his profits?
a. 1 b. 2 c. 3 d. 4