A price change will have no effect on total revenue if demand is

At 2015 prices, the value of production in 2016 was 6 percentage points higher than in 2015. At 2016 prices, the value of production in 2016 was 4 percentage points higher than in 2015

Using the chain-weighted output index, real GDP is ________ in 2016 than in 2015. A) 10 percent greater B) 5 percent greater C) 7.5 percent greater D) 4 percent smaller

Which of the following models results in the greatest deadweight loss assuming a fixed number of firms with identical costs and a given demand curve?

A) Cournot B) Stackelberg C) Monopoly D) Perfect competition

Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. Has Tom made the best decision?

A. No, because he's earning an economic profit of -$6,000. B. Yes, because he's earning an accounting profit of $35,000. C. No, because his accounting profit is larger than his economic profit. D. Yes, because his accounting profit is larger than his economic profit.

Economists measure a market's domination by a small number of firms with a statistic called the