An increase in total revenue will result if
A. demand is elastic and price increases.
B. demand is inelastic and price decreases.
C. demand is unitary elastic and price increases.
D. demand is elastic and price decreases.
Answer: D
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If Les can produce two pairs of pants per hour while Eva can produce one pair per hour, then it must be true that:
A. Eva has a comparative advantage in producing pants. B. Les has a comparative advantage in producing pants. C. Les has an absolute advantage in producing pants. D. Les has both comparative and absolute advantage in producing pants.
Which of the following is true?
A) The price charged by a monopolistically competitive firm is equal to the price charged by a perfectly competitive firm in the long run. B) The price charged by each firm in a monopolistically competitive market is equal in the long run. C) The profit earned by a firm in a monopolistically competitive market is equal to the profit earned by a firm in a perfectly competitive market in the long run. D) The profit earned by a firm in a monopolistically competitive market is equal to the profit earned by a monopolist in the long run.
If a worker’s nominal wage moves from $180 per week in a base period to $300 per week subsequently, but the real wage rises to only $240, we can conclude that
a. prices have increased faster than nominal wages. b. the price level has increased by 25 percent. c. the worker’s purchasing power has increased 67 percent. d. the worker’s purchasing power has increased 150 percent.
In the absence of right-to-work laws, workers
a. that went on strike could be permanently replaced. b. might be required to join the union if they worked for a unionized firm. c. would not be able to unionize. d. would not be able to strike.