Use the following graph of total revenues to answer the question below. 
An increase in the quantity of product X demanded from 16,000 to 17,000 units implies that the price of product X was
A. reduced and the demand is inelastic.
B. increased and the demand is inelastic.
C. reduced and the demand is elastic.
D. increased and the demand is elastic.
Answer: A
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Which of the following is likely to shift the demand curve for carpenters leftward, assuming all else equal?
A) A fall in the wage rate of carpenters B) A fall in the price of the tools used by carpenters C) A rise in the wage rate of carpenters D) A rise in the price of the tools used by carpenters
Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed
At this price, how many lawns will Bill mow per week? A) more than 10 and less than 30 B) 30 C) 40 D) 50 E) 0
According to economic theory, state governments
A) will be biased toward chronic budget deficits. B) will act in the public interest. C) will act in the national interest. D) will do all of the above. E) will do none of the above.
Production efficiency implies that
A) joint profits are maximized. B) joint profits are minimized. C) joint profits are zero. D) joint profits can be increased.