When price was 6, quantity demanded was 10. When price decreased to 5, quantity demanded increased to 13. Therefore, when price decreased, total revenue
A. decreased from 65 to 60, indicating that demand is inelastic.
B. decreased from 65 to 60, indicating that demand is elastic.
C. increased from 60 to 65, indicating that demand is inelastic.
D. increased from 60 to 65, indicating that demand is elastic.
D. increased from 60 to 65, indicating that demand is elastic.
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The table above shows three production methods to produce 100 automobiles per day. If the price of labor is $20 per unit and the price of capital is $100 per unit, which of the three methods is economically efficient?
A) Method A only B) Method B only C) Method C only D) All three methods are economically efficient.
GDP can increase from one year to the next by:
A) increases in prices while quantities of goods and services are constant. B) increases in the quantities of goods and services produced while prices remain constant. C) both prices and quantities of goods and services increase. D) all of the above.
Which of the following is not a reason why aggregate demand decreased following the housing bubble collapse?
A. Business investment decreased. B. Consumption decreased. C. People stopped investing in homes. D. Costs of production increased throughout the economy.
Using the above table, the TVC, the TC, and MC when output is 3 units are
A. $45, $18, and $15, respectively. B. $45, $50, and $15, respectively. C. $15, $45, and $15, respectively. D. $15, $20, and $15, respectively.