If a price decrease results in no change in seller's total revenue then
a. supply determined demand
b. supply is unresponsive to demand
c. demand is elastic
d. demand is inelastic
e. demand is unitary elastic
E
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The figure above shows Diane's demand curve for soda. The price of a soda is $1.00. Diane's consumer surplus from all 15 sodas is
A) $15.00. B) $22.50. C) $11.25. D) $8.00. E) $1.50.
Which of the following is true about the U.S. economy?
A. It had greater economic problems than other Western countries in the 1990s. B. It still experiences periods of inflation and unemployment. C. It has experienced 30 years of outright recession in the last 50 years. D. It has been able to do away with the business cycle.
In what ways do economists and policymakers who believe that market-based reforms are the key to improving the health care system criticize the Patient Protection and Affordable Care Act (ACA)?
What will be an ideal response?
When producing 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25. Total cost at this output level is
A. $93.75. B. $97.78. C. $750. D. $880.