When total revenue remain unchanged when there is a change in price, demand is
A) unit-elastic.
B) inelastic.
C) elastic.
D) not related.
Answer: A
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Consider the following:
Farmer Jones bought seed and fertilizer for $100. He grew wheat that he sold to the Acme Bread Company for $200. Acme Bread produced and sold bread to the ABC Grocery Store for $250. Consumers bought the bread from the grocery for $350. How much was added to the GDP? A) $600 B) $800 C) $350 D) $700
Economists are critical of monopoly because
A) monopolists can earn long-run economic profit. B) monopolists can create a deadweight loss. C) the demand for the monopolist's product is the market demand curve. D) economies of scope result in lower average costs.
The text refers to the type of comparative advantage that can be gained or lost because of changes in skills of workers or types of capital as:
A. temporary comparative advantage. B. transferable comparative advantage. C. non-equilibrium comparative advantage. D. unstable comparative advantage.
If someone asked you to predict the price of gas in a month, and you decided to just guess by adding a few cents to the current price of gas, which you know, your answer would exhibit:
A. anchoring. B. time inconsistency. C. rational expectations. D. transitivity.