The total revenue from selling trucks is equal to
a. the price of a truck times the quantity sold
b. the change in quantity sold divided by the change in price
c. average cost times quantity produced
d. the price of a truck times the quantity produced
e. the price of a truck times the price elasticity of demand
A
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Suppose the University of Oklahoma increases the price of student football tickets for the 2012 season by 30 percent. If the price elasticity of demand for student tickets is 1.22, the price increase leads to
A) a 36.6 percent decrease in the quantity demanded. B) a 30 percent decrease in the quantity demanded. C) a 1.22 percent decrease in the quantity demanded. D) a 28.78 percent decrease in the quantity demanded. E) no change in the quantity demanded.
Based on the production and revenue data in the above table, what is the marginal product of the 4th worker?
A) 28 B) 6 C) 4 D) 2
A one-year bond has an interest rate of 5% today. Investors expect that in one year, a one year bond will have an interest rate equal to 7%
According to the expectations theory of the term structure of interest rates, in equilibrium, a two-year bond today will have an interest rate equal to A) 3.0%. B) 5.0%. C) 5.5%. D) 6.0%.
When the market is in long-run equilibrium in a perfectly competitive market, this implies that in the long run means
A. no firm in the industry has an incentive to exit. B. no firm outside the industry has an incentive to enter. C. no firm in the industry has an incentive to increase or decrease its output. D. all of these conditions are met in the long run equilibrium.