When demand is elastic, a decrease in price will
A) decrease total revenue.
B) not change total revenue.
C) increase total revenue.
D) reduce quantity demanded.
C
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Both new classical economists and monetarists disagree with Keynesians about the optimal degree of involvement of the government in determining the equilibrium level of real GDP
a. True b. False Indicate whether the statement is true or false
In the economy of Talikastan in 2015, consumption was two-thirds of GDP, government purchases were $1000 more than investment, investment was one-ninth of GDP, and the value of exports exceeded the value of imports by $500 . What was Talikastan's GDP in 2015?
a. $1688 b. $9000 c. $13,500 d. $15,000
Which of the following is a government action that can serve as a barrier to entry to an oligopoly?
a. perfect competition b. price leadership c. occupational licensing d. economies of scale
A union may attempt to obtain stricter certification requirements or longer apprenticeships. These changes would raise workers' wages because they:
A. create unnecessary unemployment. B. shift in labor supply curve leftward. C. decrease the marginal product of labor. D. reduce management's use of featherbedding.