If demand is price elastic, a decrease in seller's total revenue would result from a(n)
a. decrease in price
b. increase in quantity demanded
c. increase in price
d. decrease in income for an inferior good
e. increase in total cost to the seller
C
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The cost of group health insurance is generally lower than if a person buys an individual policy because
A) it is easier for an insurance company to deny claims from a group policy. B) the problem of adverse selection is reduced. C) insuring a group of people eliminates the problem of policy holders having more information than the insurance company. D) this eliminates the problem of moral hazard.
The limited memberships and high dollar minimums for hedge funds means that these funds are
A) subject to weaker regulation than other mutual funds. B) more stringently regulated for fear of collapse. C) limited in the types of assets they can purchase. D) under the control of the U.S. Treasury.
A country's current account includes which of the following?
a. sales of assets to other countries b. purchases of assets from other countries c. all current automatic payments between countries d. the country's trade balance e. the balance available in the government's Treasury account
In situations in which prices cannot be used to signal relative scarcities of goods, which of the following can serve as a rationing mechanism?
A. political power B. random assignment C. queuing D. All of these