The supply curve for land is vertical.
Answer the following statement true (T) or false (F)
True
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When demand is inelastic and price decreases:
A) the effect of the decrease in price on total revenue dominates the effect of the increase in quantity demanded on total revenue; overall total revenue declines. B) the effect of the increase in quantity demanded on total revenue dominates the effect of the decrease in price on total revenue; overall total revenue increases. C) the effects of the decrease in price on total revenue and the corresponding increase in quantity demanded on total revenue perfectly offset one another; overall total revenue remains unchanged. D) quantity demanded and total revenue fall to zero.
In principle, how do we determine a perfectly competitive firm's profit-maximizing output and maximum profits given information about the market clearing price, and about the marginal cost and average total cost curves of the firm? Explain in words
What will be an ideal response?
A Lorenz curve based on the percentage of wealth held by different quintiles of the population, when compared to one based on income shares, shows a
a. lower degree of inequality b. higher degree of inequality c. similar degree of inequality d. higher absolute level of poverty e. lower absolute level of poverty
Which of the following would not be included in the government consumption expenditures and gross investment (G) category of GDP?
A. The payments made to Social Security recipients. B. The expenditures made to repair a highway. C. The spending for professors at state universities. D. The purchase of new china for White House functions.