Total revenue
a. always increases as price increases.
b. increases as price increases, as long as demand is elastic.
c. decreases as price increases, as long as demand is inelastic.
d. remains unchanged as price increases when demand is unit elastic.
d
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Social overhead capital is basic infrastructure projects such as roads, power generation and irrigation systems.
Answer the following statement true (T) or false (F)
Assets of the commercial banking system include:
A. deposits. B. reserves and loans. C. loans and deposits. D. reserves and deposits.
Which of the following is TRUE for a monopolistically competitive firm?
A) MR = P B) MR > P C) MR < P D) MR = AFC
The demand for labor is a derived demand. Employers hire workers until the: a. wage rate equals the average product of labor
b. wage rate equals the marginal revenue product of labor. c. average product of labor is zero. d. marginal product of labor is zero.