As the price of cell phones fell during the last decade, consumers' total expenditures on cell phones increased. If the demand curve for cell phones did not shift, this fact means that the demand for cell phones
A) must have shifted leftward.
B) must be upward sloping.
C) is elastic.
D) is inelastic.
C
Economics
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A natural monopoly occurs when a single firm can produce the entire output of the market at a lower average cost than could many firms
a. True b. False Indicate whether the statement is true or false
Economics
In the U.S. economy, labor earnings make up about
a. one-half of total income. b. two-thirds of total income. c. three-fourths of total income. d. nine-tenths of total income.
Economics
Refer to the diagrams. In which case would the coefficient of cross elasticity of demand be negative?
A. A
B. B
C. C
D. D
Economics
Firms react to unplanned inventory reductions by
A. reducing planned investment. B. increasing consumption. C. increasing output. D. reducing output.
Economics