If the price of a certain brand of sneakers falls from $27.50 to $22.50, and the quantity demanded by consumers increases from 15 to 25 pairs per week, then the price elasticity of demand is
a. 0.25
b. 1.00
c. 2.75
d. 1.50
e. 2.50
E
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If a firm traded on the New York Stock Exchange posts an accounting profit of $10 million, then the firm is making a positive economic profit
A) only if the Securities and Exchange Commission (SEC) approves the accounting report. B) only if the firm's opportunity cost is less than $10 million. C) only if the firm's opportunity benefit is more than $10 million. D) only if the firm's management receives stock compensation.
The human mind's abilities to reason and imagine are facilitated by the information it can collect from trustworthy sources, rather than by facts and experiences it can recall from memory
Indicate whether the statement is true or false
Total revenue is:
A. price multiplied by quantity of each item sold. B. price multiplied by quantity subtracted from total cost. C. cost multiplied by quantity of each item produced. D. None of these is true.
Compared to high skilled workers, low skill workers are more
A) valuable to businesses employing professionals. B) likely to be successful financially and accumulate wealth. C) likely to be highly productive. D) likely to earn low incomes.