College graduates now earn nearly twice as much as their high school-educated peers and that gap is increasing
a. True
b. False
Indicate whether the statement is true or false
True
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When the quantity effect outweighs the price effect:
A. a price increase will cause a decrease in total revenue. B. a price increase will cause an increase in total revenue. C. a price decrease will cause a decrease in total revenue. D. None of these is true.
Assume a market that has an equilibrium price of $5. If the market price is set at $9, producer surplus:
A. rises for some producers because of the increased price. B. decreases for some producers because of fewer transactions taking place. C. Both A and B are true. D. Neither of these statements is true.
The three major responsibilities of the European Parliament are legislative power, control over the budget, and supervision of executive decisions
a. true b. false
Economies of scale are indicated by:
A. the rising segment of the average variable cost curve. B. the difference between total revenue and total cost. C. the declining segment of the long-run average total cost curve. D. a rising marginal cost curve.