Total revenue decreases as the price of a good increases, if the demand for the good is
A. unitary elastic.
B. elastic.
C. inelastic.
D. perfectly elastic.
Answer: B
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Miniville is an isolated town located on the southern shore of Lake Condescending, a very large lake. The western edge of Miniville is adjacent to impassable mountains and there are no towns or businesses for many miles to the east. The 300 residents of Miniville are evenly distributed along 3 miles of shoreline on the lake, east of the mountains. Lake Shore Drive, the only street in town, provides access to Miniville's homes and businesses. All residents live between the lake and the street; businesses locate on the other side of the street. Lake Shore Drive is 3 miles long, and the points labeled A, B, and C are 1, 2, and 3 miles from the western end of Lake Shore Drive, respectively. All residents of Miniville shop at the store located closest to their homes. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q218g1.jpg" alt="" style="vertical-align: 0.0px;" height="117" width="538" />If one store is located at A and the other store is located at C:
A. 100 people will certainly shop at each store, but where the other 100 will shop is indeterminant.
B. 100 people will shop at the store at A, and 200 people will shop at the store at C.
C. 200 people will shop at the store at A, and 100 people will shop at the store at C.
D. 150 people will shop at each store.
Which central coordination task has claimed the most attention of central planners?
a. Output selection b. Production planning c. Distribution d. Rationing
All of the following are possible characteristics of oligopoly except
A. free entry into the industry. B. significant economies of scale. C. interdependence among sellers. D. homogeneous product.
Since 1995, federal regulations have
a. tightened mortgage lending standards and therefore made it difficult to obtain a loan to purchase a house. b. increased the down payment housing buyers are required to make in order to obtain a mortgage loan. c. loosened lending standards and made it possible for many buyers to purchase a house with little or no down payment. d. required investment banks to maintain more capital against their holdings of mortgage loans.