Which of the following most correctly states the law of demand?
A) As the price falls all other things unchanged, demand will go up.
B) As the price goes up, all other things unchanged, demand will go down.
C) As the price falls, all other things unchanged, the quantity demanded will go down.
D) As the price falls, all other things unchanged, the quantity demanded will increase.
Ans: D) As the price falls, all other things unchanged, the quantity demanded will increase.
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Regarding the price elasticities of demand, which of the following statements is true?
A. Price elasticities vary considerably from product to product. B. Luxurious goods are generally less price elastic. C. Necessities are generally more price elastic. D. All of these statements are true.
"Today the U.S. telecommunications industry remains heavily regulated by the government as it was some 30 years ago." Do you agree or disagree? Why?
What will be an ideal response?
At what quantity is Jim's Production indifferent between two technologies?
a. 5000 b. 7500 c. 10000 d. 12500
The total revenue from selling trucks is equal to
a. the price of a truck times the quantity sold b. the change in quantity sold divided by the change in price c. average cost times quantity produced d. the price of a truck times the quantity produced e. the price of a truck times the price elasticity of demand