Assume an industry initially in equilibrium has a price floor imposed at a price above the equilibrium price. Total revenue received by the producers from sales will:
a. rise as a result
b. rise as a result only if supply is elastic.
c. rise as a result only if demand is elastic.
d. rise as a result only if demand is inelastic.
d
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Big Roads and Big Pavers are two competing road construction firms. The managers of these two firms should never undertake all of the following actions except which one?
A) agree to submit a high bid on a contract B) agree to submit a low bid on a contract C) agree to the number of contracts the firms will bid on D) share information and experiences from implementing new government safety standards
If imports of Japanese automobiles are restricted, prices of U.S-made automobiles in the United States will be higher than they would otherwise be
Indicate whether the statement is true or false
Firms that extend credit to borrowers using funds raised from savers are called:
A. bond dealers. B. central banks. C. financial intermediaries. D. stock brokers.
Altruism describes:
A. a motive for action in which a person's utility is increased when another's utility increases. B. a motive for action in which a person's utility becomes negative when another's utility increases. C. a motive for action in which a person's utility is decreased when another's utility increases. D. a motive for action in which a person's utility is unaffected when another's utility increases.