If a price taker attempts to raise its price by a small amount, the quantity that its customers will buy will

A. decrease to zero.
B. increase.
C. remain constant.
D. decrease by a small amount.


Answer: A

Economics

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Indicate whether the statement is true or false

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Economists will readily confess that even after centuries of systematic observation of their subject matter, of data collecting, theory building, empirical testing, and amassing historically relevant material, they still usually arrive at different and sometimes even highly conflicting conclusions and recommendations

Indicate whether the statement is true or false

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Refer to the graph below for an industry. If the industry operates as a pure monopoly, the output quantity would be:




A. 90
B. 160
C. 195
D. A level that is not labeled in the graph

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The productivity curve shifts upward when

A) technology advances. B) physical capital increases. C) hours of labor increase. D) hours of labor decrease. E) human capital decreases.

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