A ballet performance had many empty seats. This implies that the
A. Price of the tickets must have been above the equilibrium price.
B. Price of the tickets must have been very low because of the low demand.
C. Hall where the performance was being held was very large.
D. Ballet group was not very well known.
Answer: A
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If a firm decreases the price of a good and total revenue decreases, then
A) the demand for this good is price elastic. B) the demand for this good is price inelastic. C) the cross elasticity is negative. D) the income elasticity is less than 1.
Which of the following are examples of financial assets that pay a long-term interest rate?
A. Money and CDs B. Saving deposits and checking accounts C. Cash and currency D. Mortgages and government bonds
Assume the market was in equilibrium in the graph shown. If the market price were set to $12, which of the following is true?
A. For those still interacting in the market, some surplus is transferred from buyer to seller.
B. For those still interacting in the market, some surplus is transferred from seller to buyer.
C. Producers gain the surplus of those buyers who dropped out of the market.
D. Consumers gain the surplus of those sellers who dropped out of the market.
A production point is said to be efficient if there is no way for the economy to produce more of one good without producing less of another
a. True b. False Indicate whether the statement is true or false