The idea that the demand for auto workers stems from the demand for automobiles is
A. the value of the marginal product of auto workers.
B. output demand.
C. derived demand.
D. indirect demand.
Answer: C
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When the demand for a good is inelastic and its price increases, the total revenue from the sale of the good will ________
A) increase B) decrease initially and then increase C) decrease D) not change
Which set of events would most likely decrease aggregate demand?
A. An increase in personal income tax rates. B. A reduction in the excess capital of the existing capital stock. C. A reduction in business and personal tax rates. D. An increase in investment spending.
Perfectly competitive markets tend to have a ______ number of sellers and a(n) ______ entry.
a. large; easy b. large; difficult c. small; easy d. small; difficult
The price elasticity of demand is a measure of the:
A. Effect of changes in demand on the price B. Relationship between price and profitability C. Responsiveness of buyers of a good to changes in its price D. Sensitivity of a good's price to changes in demand