If the demand for insulin is inelastic, an increase in insulin prices leads to
A) less total revenue for insulin makers.
B) more total revenue for insulin makers.
C) no change in total revenue for insulin makers.
D) first a decrease, then an increase in total revenue for insulin makers.
E) Total revenue probably changes, but we need more information about the change in total expenditures on insulin to determine if the total revenue rises, falls, or stays the same.
B
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The transactions demand for money is related to money functioning as a
A) unit of accounting. B) store of value. C) medium of deferred payment. D) medium of exchange.
Which of the following short-run outcomes for monopolistic competition is NOT possible?
A) P = MR = MC. B) P > MC > ATC. C) P = ATC. D) P > ATC.
The existence of positive externalities indicates that the market is producing too many goods
Indicate whether the statement is true or false
The graphic that expresses several aspects or implications of the economic concept of scarcity is
A) Supply and Demand B) Production Possibility Frontier C) Aggregate Demand D) General Equilibrium Model