If an increase prices increases total revenue in the short run, what will it do to total revenue in the long run?
a. It will decrease total revenue in the long run
b. It will increase total revenue in the long run.
c. It will leave total revenue unchanged in the long run.
d. Any of the above results are possible in the long run.
d
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Inflation is generally the result of total spending growing faster than total production
Indicate whether the statement is true or false
The price of a typical basket of goods and services in one period divided by the price of the same basket in a different year is a(n)
a. price index b. TV-violence index c. employment index d. output index e. unemployment index
In a classic administrative snafu, the Army assigns trained classical musicians to kitchen duty and places trained cooks in the military band. This is an example of inefficiency in
a. output selection. b. production planning. c. product distribution. d. market segmentation.
The federal budget went $161 billion in fiscal year 2007 to $1 trillion in the next two to three years. What are the main factors that contributed to this increase?