If the market price is $25, the average revenue of selling five units is
A) $5. B) $12.50. C) $25. D) $125.
C
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The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price
a. True b. False Indicate whether the statement is true or false
The marginal rate of substitution is equal to the
A) slope of the demand curve. B) marginal cost of each good. C) magnitude of the slope of the indifference curve. D) relative prices of the two goods.
Suppose an economy had an inflation rate of 7 percent last year. This has decreased to 6 percent this year. This means that the economy is: a. suffering from hyperinflation. b. experiencing deflation. c. experiencing disinflation
d. experiencing a wage-price spiral. e. experiencing a decrease in real wage.
The U.S. desire for foreign currency represents
A. A point of disequilibrium in the foreign exchange market. B. A supply of U.S. dollars. C. A demand for U.S. dollars. D. The foreign demand for U.S. exports.