Suppose a price searcher faces the following demand curve: At $100, $90, $80, $70, and $60, the quantity demanded is 1, 2, 3, 4, and 5 units respectively. Which statement below is true?

A) Total revenue is $100.
B) Total revenue is $190 when 2 units are sold.
C) Total revenue is $400 when 5 units are sold.
D) Marginal revenue is $80 when the price is $90.


D

Economics

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A professor changes the penalty for cheating on exams from getting a 0 on the exam to getting an F in the course. The professor has

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An increase in the equilibrium price and a decrease in the equilibrium quantity can be the result of

A) a decrease in demand. B) an increase in supply. C) a decrease in supply. D) an increase in demand. E) None of the above.

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When law-makers impose ceilings on the amount of annual interest charged by lenders, their actions have the effect of

A) excluding certain borrowers from the legally regulated credit market. B) expanding retail sales. C) increasing the number of loans made. D) lowering interest rates for most borrowers. E) redistributing income from creditors to debtors.

Economics

Sam, an American citizen, prepares meals for his family at home. Ellen, a Canadian citizen, commutes to the U.S. to help prepare meals at a restaurant in Idaho. Whose value of services preparing meals is included in U.S. GDP?

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Economics