When demand is unit elastic, a decrease in price will result in no change in total revenue.
Answer the following statement true (T) or false (F)
True
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The exchange rate for the Mexican peso changes from $1 = 5 pesos to $1 = 6 pesos. This change will lead to ________.
A. Mexican goods becoming more expensive for Americans B. U.S. goods becoming less expensive for Mexicans C. an increase in Mexican imports from the U.S D. a decrease in U.S. exports to Mexico
An undervalued domestic currency:
A) harms all the economic agents in the country. B) benefits all the economic agents in the country C) makes imports more expensive for domestic consumers. D) can be achieved by buying the domestic currency.
In the United States, ________ percent of all firms are partnerships
A) 4 B) 10 C) 14 D) 26
Richard Bland quit his job as an accounting professor to start his own restaurant. He gave up a salary of $50,000 per year and withdrew $100,000 in bank CDs earning 5 percent to buy a building and equipment. In the restaurant’s first year it had direct expenses of $75,000 and revenues of $150,000. The restaurant’s economic profit was
A. $15,000. B. $20,000. C. $75,000. D. not possible to determine from the information given.