If the price of ground beef falls, the demand for hamburger buns will
a. increase because the two goods are substitutes
b. decrease because the two goods are complements
c. decrease because the two goods are substitutes
d. increase because the two goods are complements
e. not change unless the price of hamburger buns also changes
D
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A 25% decrease in the price of breakfast cereal leads to a 20% increase in the quantity of cereal demanded. As a result: a. total revenue will decrease
b. total revenue will increase. c. total revenue will remain constant. d. the elasticity of demand will increase.
If the Fed raised the money supply growth by more than expected then the unemployment rate would _____ in the short run. Explain the process by which the economy moves to the long run if the Fed maintains the higher money supply growth rate
Fill in the blank(s) with correct word
In The Wealth of Nations, published in 1776, Adam Smith tried to show that
What will be an ideal response?
The total revenue of a purely competitive firm from 8 units of output is $48. Based on this information, total revenue for 9 units of output must be:
A. $52 B. $54 C. $58 D. $60