An increase in total revenue will result if
A) demand is inelastic and price decreases.
B) demand is elastic and price decreases.
C) demand is elastic and price increases.
D) demand is unitary elastic and price increases.
Answer: B
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In the above figure, an increase in the quantity demanded is represented by a movement from point d to
A) point b only. B) point c only. C) point a. D) both points b and c.
Assume that oranges and peaches can both be grown on the same type of land, a decrease in the price of peaches, other things being equal, will cause a(n):
A. upward movement along the supply curve for oranges. B. downward movement along the supply curve for oranges. C. rightward shift of the supply curve for oranges. D. leftward shift of the supply curve for oranges.
The benefit of a price floor to ________ is ________.
A. consumers; the floor creates excess supply B. producers; the selling price of the product is above the equilibrium price C. consumers; the selling price of the product is below the equilibrium price D. producers; the floor creates excess demand
Economists do not consider the smartphone industry perfectly competitive because
A. smartphones are heterogeneous. B. there are a large number of smartphone manufacturers. C. smartphone manufacturers each have a small market share. D. the government strictly regulates entry and exit.