Which of the following examples shows an increase in total revenue for demand that is price elastic?
a. When the price of detergent decreases by 4 percent, the quantity demanded increases by 4 percent.
b. When the price of mops increases by 10 percent, the quantity demanded decreases by 13 percent.
c. When the price of pillows decreases by 2 percent, the quantity demanded increases by 6 percent.
d. When the price of lamps increases by 6 percent, the quantity demanded decreases by 9 percent.
c. When the price of pillows decreases by 2 percent, the quantity demanded increases by 6 percent.
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Taxes on labor tend to encourage second earners to stay at home rather than work in the labor force
a. True b. False Indicate whether the statement is true or false
What were the top three destinations for U.S. exports of goods and services in 2011 in order of importance?
a. France, Germany, and the United Kingdom b. Japan, China, and South Korea c. Canada, Mexico and China d. China, Japan, and United Kingdom
Suppose the average total cost of producing semiconductors in a factory of a particular size declines over time as more semiconductors are produced. This drop in average total cost might best be explained by:
A. economies of scope. B. economies of scale. C. diminishing marginal productivity. D. learning by doing.
Brand-new, technologically innovative companies often receive capital from companies that specialize in high-risk start-up firms and sometimes get involved in the strategic decisions of the firm. These investment companies are known as
A. mutual funds. B. venture capitalists. C. brokerage houses. D. investment banks.