When demand is inelastic, an increase in price causes the seller's total revenues to:
A fall to zero.
B decrease.
C remain the same.
D increase.
D increase.
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Fred lost his factory job, replaced by welding robots. He is now going to technical school to learn computer repair because he cannot find a similar job to the one he lost. Fred is: a. Frictionally unemployed. b. Structurally unemployed. c. Cyclically unemployed
d. Not unemployed.
When goods do not have a price, which of the following primarily ensures that the good is produced?
a. buyers b. sellers c. government d. the market
Average variable cost equals:
A. total fixed cost plus total variable cost. B. average total cost minus average fixed cost. C. average total cost plus average fixed cost. D. total cost minus average cost.
An effluent fee
A. is a reward to companies using production methods that create positive externalities. B. is intended to influence the market by increasing supply and decreasing price. C. is also called a pollution subsidy. D. gives a firm the right to pollute if it pays a tax on what it discharges.