The total revenue received by sellers of a good is computed by:
A. Multiplying the price times the quantity sold
B. Adding the price and the quantity sold
C. Multiplying the %-change in price times the %-change in quantity
D. Dividing the %-change in quantity by the %-change in price
A. Multiplying the price times the quantity sold
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In considering the financial history of the transcontinental railroads, the text argues that: a. there was surprisingly little corruption given the corruption in other walks of life at the time. b. there was surprisingly little corruption, mostly involving the buying off of federal regulators when rate controls became unreasonable. c. there was a great deal of corruption, mostly in the form of
high fees chargedimmigrants for what was really free federal land. d. there was a great deal of corruption, mostly because construction companies were run by insiders.
Suppose the number of medical school graduates continues to increase over the next decade. Which of the following is true?
a. Physicians' salaries will rise if the demand for medical services rises more than the supply of physicians rises. b. Physicians' salaries will fall only if the demand for medical services falls. c. Physicians' salaries must rise. d. Physicians' salaries will fall if the demand for medical services rises more than the supply of physicians rises. e. Physicians' salaries must fall.
Which would most likely shift the aggregate supply curve? A change in:
A. government spending. B. excess capacity in business. C. prices of imported resources. D. consumer expectations.
The reason that Blu-ray movies cost more money immediately after they are released than they do six months later is due to price discrimination.
Answer the following statement true (T) or false (F)