If an increase in prices increases total revenue for a product in the short run, in the long run, it will:
a. Increase total revenue by more
b. Increase total revenue by less.
c. Decrease total revenue.
d. Either b. or c. could result in the long run.
d
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Macroeconomic issues include all of the following EXCEPT:
A. regulation of natural monopolies B. economic interdependence among nations C. economic growth and living standards D. inflation
Refer to Figure 12-2. Suppose the firm is currently producing Q2 units. What happens if it expands output to Q3 units?
A) It makes less profit. B) It will be moving toward its profit maximizing output. C) Its profit increases by the size of the vertical distance df. D) It incurs a loss.
Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she decides to charge each customer according to his or her willingness to pay
What is Julie's total revenue and how many hours of service will be purchased? A) 1 hour and her total revenue = $7 B) 4 hours and her total revenue = $39 C) 4 hours and her total revenue = $28 D) 5 hours and her total revenue = $35
In order for price discrimination to exist
A) markets must be capable of being separated. B) markets must be interdependent. C) different demand price elasticities must exist in different markets. D) demand price elasticities must be identical in all markets. E) Both A and C