Which of the following instances will total revenue or receipts decline?
A) Price rises and demand is inelastic.
B) Price falls and demand is elastic.
C) Price rises and demand is elastic.
D) Price falls and demand is unit elastic.
C
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Suppose in Belgium, the opportunity cost of producing a trombone is 8 clarinets. In Denmark, the opportunity cost of producing a trombone is 6 clarinets
a. What is the opportunity cost of producing a clarinet for Belgium? b. What is the opportunity cost of producing a clarinet for Denmark? c. Which country has a comparative advantage in the production of clarinets? d. Which country has a comparative advantage in the production of trombones?
A cartel is
A. a group of firms promoting competition. B. most common in monopolistic competition. C. a collusive group of firms. D. no longer possible in our global economy.
A fall in the price level:
A. reduces the value of money in peoples' pockets, so people buy less goods. B. increases the value of money in peoples' pockets, so people buy more goods. C. increases the value of money in peoples' pockets, so people buy less goods. D. reduces the value of money in peoples' pockets, so people buy more goods.
Refer to the information provided in Figure 23.4 below to answer the question(s) that follow.
Figure 23.4Refer to Figure 23.4. Suppose the consumption function for C1 is [C1 = 20 + 0.75Y]. The consumption function that best fits C2 is
A. C2 = 10 + 0.4Y. B. C2 = 20 + 0.25Y. C. C2 = 40 + 0.75Y. D. C2 = 10 + 0.5Y.