When demand is perfectly inelastic, an increase in price will
A) leave total revenue unchanged.
B) increase total revenue.
C) decrease total revenue.
D) either increase total revenue or decrease total revenue, but it is impossible to tell which.
B
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What effect would a simplification of federal tax law have on the cost of hiring a tax accountant?
A) It would fall because tax accountants would have fewer valuable opportunities. B) It would rise because tax accountants would have to raise their prices to maintain their incomes. C) It would have no effect because only supply affects costs, not demand. D) It would have very little effect because most of the costs of becoming an accountant are sunk costs.
The resource based view locates the source of advantage at the
a. Individual firm level b. Industry level c. Both a and b d. None of the above
Normative economics is concerned with
A) value judgments. B) opinions. C) cause-effect relationships. D) observations that can be proved. E) both a and b
In recent years _____% of the labor force are labor union members.
A. 10-15 B. 25-35 C. 35-45 D. 45-55