Price and total revenue are inversely related when demand is
A. price elastic.
B. price inelastic.
C. perfectly price inelastic.
D. unit price elastic.
Answer: A
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Refer to the figure below. 
If Row Resorts keeps its rates high, then Column Cruises would receive the highest payoff if it:
A. offered reduced rates. B. kept its rates high. C. chose either strategy because it will have the same payoff in either case. D. agreed with Row Resorts to reduce their rates at exactly the same time.
To implement an efficient Pigouvian tax in a competitive market that has negative production externalities, the government would need to know the shape of the entire social marginal cost curve.
Answer the following statement true (T) or false (F)
Comparative advantage implies that a country will
A) import those goods in which the country has a comparative advantage. B) export those goods in which the country has a comparative advantage. C) find it difficult to conclude free trade agreements with other nations. D) export goods produced by domestic industries with low wages relative to its trading partners.
What is the antithesis of the rule of law?
A) Arbitrary governance
B) Governance according to the will of whoever is in charge
C) Both of the above.
D) None of the above.