In the above figure, along which range would total revenue remain unchanged by raising prices?
A) between point a and point b
B) between point c and point d
C) between point d and point e
D) below point e and above point a.
B
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The fastest-growing component of U.S. personal consumption is services
a. True b. False
Which of the following is not part of GDP?
a. the value of a new home built and purchased during the year b. the value of shares of Microsoft stock bought and sold during the year c. the value of long distance telephone services rendered during the year d. the value of new furniture produced during the year
According to the "law" of demand, we would expect
a. the demand curve to be negatively sloped. b. the demand curve to be positively sloped. c. the total quantity demanded by the market to move in the same direction as price. d. marginal utility to increase as quantity demanded increases.
Demand refers to
A) how much of a good people are willing and able to buy at a particular price. B) the different quantities of a good people are willing and able to buy at different prices. C) the different quantities of a good people are willing and able to buy at a particular price. D) how much of a good people are willing to buy at different prices. E) none of the above