Changes in technology can increase labor productivity without there being any change in capital stock
Indicate whether the statement is true or false
T
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Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now suppose the demand for this product decreases. Which of the following statements accurately predicts the resulting decrease in price?
A) The increase in price is not affected by the elasticity of the supply curve. B) The more elastic the supply curve, the smaller the price decrease. C) The decrease in price will always be proportional to the magnitude of the demand shift. D) The more elastic the supply curve, the greater the price increase.
The basic goals of total utility maximization, total profit maximization, and total welfare maximization explain most market activity.
Answer the following statement true (T) or false (F)
Refer to Figure 11.5. A decrease in the level of investment is best illustrated by diagram
A) A. B) B. C) C. D) D.
The most important goal of the firm is to
A) maximize its revenues. B) maximize its sales volume. C) maximize its profits. D) minimize its costs.