Higher prices will increase total revenue if
A. Demand is inelastic.
B. The price elasticity of demand is zero.
C. Demand is unitary elastic.
D. Demand is elastic.
Answer: A
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Assume there are two competing social network sites, Mugshot and Graybar, and each grow in value as more people use them
Mugshot has been around longer and has the most users, but people tend to agree that Graybar is a better site, so the equilibrium where everyone uses Graybar is preferred to the equilibrium where everyone uses Mugshot. This situation describes a multiplayer A) assurance game. B) prisoner's dilemma game. C) battle of the sexes game. D) pure coordination game.
Which of the following would shift the AS curve downward?
a. A decrease in the price level b. A decrease in world oil prices. c. An increase in world oil prices. d. A natural disaster that raises unit costs for all firms. e. A loss of technological capability.
If the cyclical rate of employment equals ?2 percent and the actual rate of unemployment equals 8 percent, then the natural rate of unemployment must equal:
A. ?6 percent. B. 0 percent. C. 10 percent. D. 2 percent.
Refer to the above figure. At Point B, the actual unemployment rate
A. tends to be higher than the natural unemployment rate. B. is negative. C. will decrease over time. D. tends to be lower than the natural unemployment rate.