If demand is price elastic, total revenue is
a. directly related to quantity demanded
b. inversely related to quantity demanded
c. directly related to price
d. directly related to price and inversely related to quantity demanded
e. not related to either price or to quantity demanded
A
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A single-price monopolist
a. has absolute control over price. b. can sell all it desires at a given price. c. must lower price in order to sell more. d. always has an elastic demand.
Which of the following will cause consumption, and as a result, aggregate demand, to decrease?
a. a tax cut b. a decrease in consumer confidence c. increased population d. an optimistic forecast of future income growth
Which is NOT true of Globalization
A. it refers to increasing economic and cultural interdependency amongst countries B. it results in the financial ruin of some countries C. it potentially increases economic well-being among all countries involved D. it results in increasing competition, specialization, transmission of ideas.
The income distribution has become more unequal in the United States over the last 30 years.
Answer the following statement true (T) or false (F)