If Tucker University increases tuition in order to increase its revenue, it will:
a. be successful if demand is inelastic.
b. be successful if supply is elastic.
c. not be successful if the demand curve slopes downward.
d. be successful if demand is elastic.
a
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Refer to Cost of Production. By comparing the two points on the expansion path, we can conclude that this technology exhibits
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. decreasing returns to scale.
b. constant returns to scale.
c. increasing returns to scale.
d. zero returns to scale.
An increase in the reserve requirement ________.
A. increases the money supply by increasing excess reserves and increasing the monetary multiplier B. decreases the money supply by increasing excess reserves and decreasing the monetary multiplier C. decreases the money supply by decreasing excess reserves and decreasing the monetary multiplier D. increases the money supply by decreasing excess reserves and decreasing the monetary multiplier
If the price of a good decreases, ceteris paribus, the consumer will experience (Select all that apply.)
a desire to consume a different bundle. the budget constraint rotating outwards along the x-axis the budget constraint rotating inwards along the x-axis an increase in utility. a northern or eastern movement on the indifference map a southern or western movement on the indifference map.
The business cycle describes
A) the change in the standard of living across countries. B) the change in potential GDP over time. C) the behavior of real GDP over time. D) the behavior of nominal GDP over time. E) the behavior of GNP over time.