Assume a product has a rather elastic demand. If the producer of the good raises the price of the product, that producer's total revenue will decrease.
a. true
b. false
Answer: a. true
Economics
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In a market economy, what encourages firms to develop new products and production processes?
A) contracts B) insurance C) patents D) accounting rules
Economics
Efficient resource allocation is defined as MC = AC
a. True b. False Indicate whether the statement is true or false
Economics
Which of the following is an example of physical capital?
a. the strength of workers b. on the job training c. financial assets like cash and bonds d. the equipment in a factory
Economics
One advantage of a partnership over a sole proprietorship is:
A. ease of formation. B. limited liability. C. greater accountability. D. the ability to share the work and risks of business.
Economics