Central planning is an efficient method for making coordination decisions.
Answer the following statement true (T) or false (F)
False
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If demand is price inelastic and the price is lowered, which of the following occurs?
A) The quantity sold decreases. B) The total expenditure increases and the total revenue decreases. C) The total revenue of the firms selling the product is unchanged. D) The total revenue of the firms selling the product decreases. E) The total expenditure decreases and the total revenue increases.
Which of the following is a distinguishing characteristic of oligopoly?
A) A large number of firms compete. B) Each firm's actions influence the profits of all the other firms. C) Firms are free to enter and exit the industry. D) Natural barriers cannot prevent the entry of new firms.
Describe how UPS has used positive technological change to improve its package handling and delivery schedule
What will be an ideal response?
If a firm raises the price of its product, its total revenue will
a. always increase b. increase only if demand is price inelastic c. increase only if demand is price elastic d. remain constant, regardless of price elasticity of demand e. never increase