Use the Application about the price of vanity license plates in Virginia to answer the following question(s).Recall the Application. Because the elasticity of demand for vanity plates is 0.26, then a decrease in the price of vanity plates will:
A. decrease total revenues.
B. have no change in the total revenues.
C. increase total revenues.
D. There is insufficient information to draw a conclusion.
Answer: A
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Firms are more likely to collude when the economy is in a recession.
Answer the following statement true (T) or false (F)
The major component of the marketing bill for food is ________
Fill in the blank(s) with correct word
The marginal rate of substitution is measured along
A. a given budget line. B. a given indifference curve. C. the total utility curve. D. the demand curve.
Refer to the information provided in Table 33.4 below to answer the question(s) that follow. Table 33.4GermanyChileBeerWineBeerWine(cases)(cases)(cases)(cases)75030 060152412453018 24304512 361560 6 48075 0 60 Refer to Table 33.4. In Germany, the opportunity cost of 1 case of beer is
A. 1/2 case of wine. B. 1 case of wine. C. 2 cases of wine. D. 5 cases of wine.