The central bank is the only authorized institution with the power to issue currency
Indicate whether the statement is true or false
TRUE
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If demand is price inelastic and the price is lowered, which of the following occurs?
A) The quantity sold decreases. B) The total expenditure increases and the total revenue decreases. C) The total revenue of the firms selling the product is unchanged. D) The total revenue of the firms selling the product decreases. E) The total expenditure decreases and the total revenue increases.
Net utility is
A. equal to total utility from the quantity acquired of a good minus the utility lost by having to pay for it. B. equal to the sum of the marginal utilities. C. equal to an optimal number easily calculated by the consumer. D. always greater than total utility.
For antitrust concerns, courts have blocked all of the following proposed mergers except
a. Bethlehem Steel and Youngstown Steel b. AT&T and MCI c. Brown Shoe and G. R. Kinky d. Pabst Brewing and Blitz Brewing e. Von's Grocery and another L.A. supermarket
In the above figure, the marginal revenue product is represented by line
A. "a." B. "b." C. "c." D. "d."