If total revenue is unrelated to price, then demand is unitary elastic.
Answer the following statement true (T) or false (F)
True
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The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and B is
A) 1/3 of a gallon of ice cream for a gallon of milk. B) 4 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 3 gallons of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.
Tradable allowances are like quotas in that they both:
A. reduce the quantity bought and sold to the efficient level. B. maximize surplus. C. are efficient. D. All of these statements are true.
Japan did not lead the world in automobile production in the 1950s because _________________________.
Fill in the blank(s) with the appropriate word(s).
What has been the range of the decline in real output for U.S. recessions since 1950?
A. -10.0 percent to -14.9 percent B. -15.0 percent to -19.9 percent C. -5.0 percent to -9.9 percent D. -0.1 percent to -4.9 percent