An increase in total revenue results occurs from which of the following?
a. Price decreases when demand is inelastic.
b. Price increases when demand is elastic.
c. Price decreases when demand is elastic.
d. Price increases when demand is unitary elastic.
c
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How long does it take a firm to go from the short run to the long run?
a. six months b. one year c. two years d. It depends on the nature of the firm.
Which of the following is true any place on the production possibilities curve?
a. Producing more of one item creates less of the other. b. Both items must be produced in equal volumes. c. Only one item may be produced at a time. d. No items can be produced if there is inefficiency.
Table 17.1Refer to Table 17.1. If the price of output is $10 per unit, the marginal revenue product of the third unit of labor is:
A. $50. B. $60. C. $500. D. $600.
Why is elasticity of demand greater for goods that are a large share of a consumer's budget?
What will be an ideal response?