If the price of almonds changed as a result of a change in the supply of almonds, is the demand for almonds elastic or inelastic? Explain your an-swer
What will be an ideal response?
The total revenue test indicates that the demand for almonds is elastic. The increase in the supply of almonds lowers the price but in-creases the total revenue. The total revenue test demonstrates that this outcome—the price and total revenue change in opposite directions—occurs when the demand is elastic.
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A) positive, positive B) positive, negative C) negative, positive D) negative, negative
Which of the following statements is true? a. A firm that has monopoly power is a price maker
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Which of the following appears on the asset side of a bank's balance sheet?
a. Loans b. None of the answers are correct. c. Required reserves d. All of the answers are correct. e. Excess reserves
A decision by Congress to reduce spending in order to balance the government's budget is an example of ________ policy.
A. monetary B. fiscal C. structural D. aggregation