Refer to the scenario above. What is the change in total revenue due to the price change?
A) The total revenue increases by $350.
B) The total revenue increases by $3,400.
C) The total revenue decreases by $1,650.
D) The total revenue decreases by $2,275.
B
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To be counted as employed by the BLS, in the week before the survey the person must have worked for pay
A) at least 1 hour. B) at least 5 hours. C) more than 20 hours. D) 40 hours. E) None of the above is right because the BLS counts as employed anyone who works volunteer hours at a non-profit institution.
Even though government-operated firms do not have to make a profit, they usually operate efficiently
Indicate whether the statement is true or false
If the demand faced by a firm is elastic, selling one less unit of output will
a. increase revenue. b. decrease revenue. c. keep revenues constant. d. decrease price.
A regression model suffers from functional form misspecification if _____.
A. a key variable is binary. B. the dependent variable is binary. C. an interaction term is omitted. D. the coefficient of a key variable is zero.