Total Revenue Product with six units of labor would be
A. $456.
B. $700.
C. $760.
D. $800.
C. $760.
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If a third-degree price-discriminating pure monopoly sells the same product in two markets but charges a higher price in market X and a lower price in market Y, the pricing difference indicates that demand is ________.
A. relatively more elastic in market X than market Y B. the same in both market X and Y C. relatively less elastic in market Y than market X D. relatively less elastic in market X than market Y
There is news that the price of Tucker's Root Beer will increase significantly next week. If the demand for Tucker's Root Beer reacts only to this factor and shifts to the right, the position of this demand curve has reacted to a change in:
a. tastes. b. income levels. c. the price of other goods. d. the number of buyers. e. expectations.
During the Vietnam War, Congress increased government expenditures while raising taxes. As a result we know that:
A. What happened to the AD curve is unclear. B. the AD curve remained unchanged. C. the AD curve shifted to the left. D. the AD curve shifted to the right.
Refer to the graphs, in which the numbers in parentheses near the AD1, AD2, and AD3 labels indicate the levels of investment spending associated with each curve. All figures are in billions. A shift in the aggregate demand curve from AD3 to AD2 can be achieved by Federal Reserve action to:
A. Increase the reserve ratio
B. Increase the discount rate
C. Buy government securities in the open market
D. Sell government securities in the open market