If hot dog vendors at baseball games want to maximize their total sales revenue, they will have to
A) be willing to experience reduced hot dog expenditure by baseball fans.
B) set the price of their hot dogs so that the demand is unit elastic.
C) sell as many hot dogs as they can, even if it means lowering price.
D) raise their price, even if it means selling fewer hot dogs.
B
You might also like to view...
The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude
A) it is not possible to make a good comparison of the economic well being of a typical individual in the 2 countries without additional information. B) a typical person in Vietnam is 10 times as well off as the typical person in the Philippines. C) a typical person in Vietnam is more than 10 times as well off as the typical person in the Philippines. D) a typical person in Vietnam is less than 10 times as well off as the typical person in the Philippines.
High interest rates contribute to a lower federal budget deficit.
A. True B. False C. Uncertain
The proposition that changes in the money supply have no long-run effect on real variables is known as the ________
A) classical dichotomy B) quantity theory of money C) neutrality of money D) Fisher effect E) none of the above
When wage rates rise the short-run aggregate supply curve shifts to the right
Indicate whether the statement is true or false