The total revenue curve that corresponds to a downward-sloping linear demand curve
a. slopes downward
b. slopes upward
c. is a horizontal line
d. first rises, then falls
e. first falls, then rises
D
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Use the Cobb-Douglas production function to show that a one-unit increase in the labor input will reduce the marginal product of labor and increase the marginal product of capital. Explain each of these results
What will be an ideal response?
Most agricultuel markets:
a. have a large number of relatively small producers b. have seen improving productivity and cost efficeincy c. both of the above d. neither of the above
Figure 4.4 illustrates the supply of tacos. An increase in the price of ground beef, which is used to make tacos, would most likely cause a movement from:
A. point a to point b. B. point c to point b. C. S2 to S1. D. S0 to S1.
If the basket of goods and services used to calculate the CPI cost $200 in the reference base period and $450 in a later year, the CPI for the latter year equals
A) 200. B) 225. C) 325. D) 450.