When Joe's Gas raises its price for regular unleaded gasoline, total revenue from regular unleaded gas falls to zero. It must be the case that
A. the demand for Joe's regular unleaded is inelastic.
B. consumers are switching to premium grades of gasoline.
C. there are not many good substitutes for Joe's regular unleaded gasoline.
D. the demand for Joe's regular unleaded gasoline is perfectly elastic.
Answer: D
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If producers have an expectation of higher future prices, the supply of the good that is currently available
A) will be all that is produced. B) will decrease. C) will not change. D) will increase.
Over the past several decades there has been rapid growth in international trade. This growth has been due to all but one of the following factors. Which factor has not contributed to the growth of international trade?
A) a change in the tariffs charged on many goods B) favorable changes in government policies C) a reduction in shipping costs D) the spread of reliable communications
Refer to Figure 10-6. A change in the price of popcorn only is shown in
A) Panel A. B) Panel B. C) Panel C. D) none of the above panels.
Restaurants' demand for cooks and waiters is inseparably linked to the supply of __________
Fill in the blank(s) with correct word