In which of the following cases will total revenue increase?
A. Price falls and demand is inelastic.
B. Price falls and supply is elastic.
C. Price rises and demand is inelastic.
D. Price rises and demand is elastic.
Answer: C
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A demand curve is defined as the relationship between
A) the income of consumers and the quantity of a good that producers are willing to sell. B) the income of consumers and the quantity of a good that consumers are willing to buy. C) the price of a good and the quantity of that good that producers are willing to sell. D) the price of a good and the quantity of that good that consumers are willing to buy.
In the long run, a reduction in labor supply would cause output to ________ and the aggregate price level to ________
A) fall; rise B) fall; fall C) rise; fall D) rise; rise
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What will be an ideal response?
If an economist were to disregard unionized government employees, then current U.S. labor market statistics would show that _________
a) 10% of the workers employed by private firms work for a union. b) 80% of the workers employed by private firms aren't unionized. c) 8% of the workers employed by private firms work for a union. d) 98% of the workers employed by private firms aren't unionized.