If a company raises the price on a product with inelastic demand, the total revenue will
a. true
b. false
Ans: b. false
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If 40 rupees = $1, then one rupee = _____________.
Fill in the blank(s) with the appropriate word(s).
Which of the following groups are most likely to benefit when a country engages in free trade?
A. The manufacturers of exportable goods B. All the domestic producers of the country C. The producers in the import-competing industries D. The workers employed in the import-competing industries
Refer to the information provided in Table 3.1 below to answer the question(s) that follow. Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. If the price per pizza is $9, the price will
A. increase because there is an excess demand in the market. B. remain constant because the market is in equilibrium. C. increase because there is an excess supply in the market. D. decrease because there is an excess supply in the market.
For constant returns to scale, a(n) ________ in a firm's scale of production leads to ________ average total cost.
A. increase; higher B. decrease; a change in C. decrease; no change in D. increase; lower