Total revenue decreases if price ________ and demand is ________.
A. rises; inelastic
B. falls; unit elastic
C. rises; elastic
D. falls; elastic
Answer: C
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There exist only two causes of monopoly: barriers to entry and government restrictions.
Answer the following statement true (T) or false (F)
As the price level falls, ceteris paribus, people holding some of their wealth in monetary form become
A) less wealthy and they buy less. B) more wealthy and they buy more. C) less wealthy and they buy more. D) more wealthy and they buy less.
Our rate of productivity growth in the 1990s was _____ compared to the rate of our productivity growth during the 1970s.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements about U.S. trading partners is true?
a. The top trading partners are Canada, Mexico, China, and Japan. b. The historical reliance on trade with Europe has not changed. c. The United States trades almost exclusively with Asian countries. d. The top trading partners are Russia, Cuba, and the two Koreas.