Total revenues reach a maximum when
A) demand is elastic.
B) demand is inelastic.
C) demand is unit-elastic.
D) price elasticity is at a minimum.
C
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Demand tends to be more elastic when:
A. price is high and more inelastic when price is low. B. price is low and more inelastic when price is high. C. demand is perfectly inelastic. D. the quantity demanded is larger.
A table that shows the possible payoffs each firm earns from every combination of strategies by all firms is called
A) an earnings table. B) a payoff table. C) a payoff matrix. D) a strategic matrix.
What is meant by saying that automatic fiscal policy is countercyclical?
What will be an ideal response?
Everything else held constant, if aggregate output is to the ________ of the IS curve, then there is an excess ________ of goods which will cause aggregate output to rise
A) right; supply B) right; demand C) left; supply D) left; demand