What was the total revenue generated before the price change?
a. $140
b. $240
c. $560
d. $700
d. $700
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If the U.S. government were to relax its restrictions on offshore oil well drilling and open drilling in Alaskan national parks, the result to aggregate supply would be to
A) cause a shift in the SRAS to the left. B) cause a shift in the LRAS to the left. C) cause no long-term shifts in AS. D) cause a shift in both LRAS and SRAS to the right.
A constant-cost industry is one in which
A) output increases lead to productivity gains. B) the marginal product of labor is constant. C) there is no change in long-run per-unit costs, even as output varies. D) each firm has a horizontal long-run average cost curve.
Other things equal, the demand for a good tends to be more inelastic, the
a. fewer the available substitutes. b. longer the time period considered. c. more the good is considered a luxury good. d. more narrowly defined is the market for the good.
The aggregate demand curve shows how real GDP purchased varies with changes in:
A. unemployment. B. the price of a particular good. C. the overall price level. D. the interest rate.