Inelastic demand implies
A. that a one percent increase in price results in a larger than one percent decrease in quantity demanded.
B. that a one percent cut in price results in a larger than one percent increase in quantity demanded.
C. that a one percent increase in price results in a smaller than one percent decrease in quantity demanded.
D. that a one percent decrease or increase in price induces no change in total revenue.
Answer: C
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The predecessor of TANF was Aid to Families with Dependent Children
a. True b. False
Herbert Simon has concluded that decision making in industry is often best described as
A. optimizing behavior. B. profit maximizing. C. satisficing. D. saturating.
Refer to the information provided in Table 6.1 below to answer the question(s) that follow. Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. The total utility of five hamburgers per day is
A. 76. B. 80. C. 96. D. indeterminate from this information.
In theory, if a profit-maximizing firm in a perfectly competitive labor market found it advantageous to hire one less worker, the firm should pay a
A. higher wage rate to all previous workers hired. B. lower wage rate but only to the most recently hired workers. C. lower wage rate to all previous workers hired. D. higher wage rate but only to the most recently hired workers.