If in the short run the demand for mass transit is relatively inelastic and in the long run the demand is relatively elastic, then a price ________ will ________ total revenue in the short run but ________ total revenue in the long run.
A. decrease; decrease; decrease
B. decrease; increase; decrease
C. increase; decrease; increase
D. increase; increase; decrease
Answer: D
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______ is the creation of capital goods to augment future production.
a. Double counting b. Depreciation c. Consumption d. Investment
A pizza is rival. What can J.T. do with a pizza to show that it is rival?
a. Eat it. b. Share it. c. Lock it up. d. Smell it.
Based on the above figure, if countries "A" and "B" faced the production possibilities curves above, both countries would benefit if
A. they both produced both industrial and agricultural goods. B. they did not trade. C. "B" produced industrial goods, and "A" produced agricultural goods. D. "A" produced industrial goods, and "B" produced agricultural goods.
Firms that face downward-sloping demand curves for their output in the product market are called
A) price takers. B) price dictators. C) monopolists. D) price makers.