A decrease in total revenue will result if
A. demand is elastic and price decreases.
B. demand is unitary elastic and price decreases.
C. demand is inelastic and price increases.
D. demand is elastic and price increases.
Answer: D
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Explain what is meant by marginal product
What will be an ideal response?
If the short-run aggregate supply increases by less than the long-run aggregate supply, then, at the short-run equilibrium
A) GDP will be below potential GDP. B) aggregate demand will increase. C) GDP will be equal to potential GDP. D) GDP will be above potential GDP.
The following table depicts the cost and demand structure a natural monopoly faces. Provided that the firm operates as a monopolist, what is the price charged and quantity produced in order to maximize profits?
A. price charged of $800 and quantity produced of 2 B. price charged of $900 and quantity produced of 1 C. price charged of $600 and quantity produced of 4 D. price charged of $700 and quantity produced of 3
If a buyer who wants product A is required by the seller to buy its products B and C as well, this is called:
A. An exclusive contract B. Profit maximization C. Competitive pricing D. A tying contract