Suppose that the demand for pizza is inelastic. If a pizzeria decided to lower the price of pizza, total revenue would
A) increase.
B) decrease.
C) stay the same.
D) be maximized.
B
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Since the Social Security system began in the 1930s, the number of workers per retiree
A) has stayed roughly the same. B) has declined. C) has risen. D) declined through 1960 and has risen ever since.
Price leadership is a form of
A. tacit collusion. B. explicit collusion. C. monopolistic competition. D. a cartel policing mechanism.
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
It has been observed that a change in monetary policy in the United States
A. has only short run influences. B. leads to corresponding changes in other countries. C. has little or no effect on foreign markets. D. impacts net exports.