A firm's profit can be calculated by subtracting its total revenue from its total costs
a. True
b. False
Indicate whether the statement is true or false
False
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If a 10 percent price increase generates a 20 percent decrease in quantity demanded, then demand is
A) elastic. B) perfectly inelastic. C) perfectly elastic. D) inelastic. E) unit elastic.
The arrival of _______ goods creates problems with respect to the accuracy of measuring inflation and how the cost of living has changed over time.
a. refurbished b. substitute c. new d. damaged
Without ________, there would have been no legal means for the government to curb even those mergers that most blatantly stifled competition.
A. vertical mergers B. multinationals C. antitrust D. None of the choices are correct.
Which of the following factors has the most quantitative importance on the oversimplified multiplier formula?
A. It ignores variable imports. B. It ignores price-level changes. C. It ignores income taxes. D. All of these equally affect the oversimplified multiplier formula.