Economists emphasize the importance of ____ in analyzing demand.
A. quantity
B. market potential
C. wants and needs
D. price
E. sales opportunities
Answer: D
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If in the short run the demand for mass transit is relatively inelastic and in the long run the demand is relatively elastic, then a price ________ will ________ total revenue in the short run but ________ total revenue in the long run.
A. decrease; decrease; decrease B. decrease; increase; decrease C. increase; decrease; increase D. increase; increase; decrease
Into what two effects can we divide the effect of a price change?
What will be an ideal response?
Keynes argued that policy levers were both effective and necessary.
Answer the following statement true (T) or false (F)
Employers will bear the full burden of the payroll tax if labor supply is
A. perfectly inelastic. B. upward sloping. C. backward bending. D. perfectly elastic.