If demand is price elastic, then when price decreases, total revenue
a. decreases
b. increases
c. does not change
d. is less than one
e. is negative
B
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The United States Postal Service (USPS) is the only organization allowed to deliver first-class mail in the United States. The market structure that best fits the USPS is probably
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Economics is:
a. concerned with the problem of scarce resources combined with unlimited wants. b. the study of how to make money in the stock market. c. highly theoretical and has little practical application. d. primarily concerned with day-to-day business decision making. e. a decision making process involving individuals and firms rather than governments.
TANF compels welfare recipients to go to work after a period of two years.
Answer the following statement true (T) or false (F)
When people withdraw money from their deposits in the banking system, the:
A. Excess reserves of the banking system will decrease B. Excess reserves of the banking system will increase C. Excess reserves of the banking system will not be affected D. Money supply will immediately decrease