Assume a change in price causes the price elasticity of demand for a good (in absolute value) and marginal revenue to decrease. In this case we can conclude that the price of the good was:
A) increased.
B) held constant.
C) decreased.
D) cannot be determined.
C
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When a monopoly cuts its price to increase its sales, it experiences a loss in revenue due to the ________
Fill in the blank(s) with the appropriate word(s).
Why have the earnings of persons with less education (and skill) fallen relative to those with more education (and skill)?
a. more regulation of the transport industry b. more powerful unions c. international competition d. all of the above
Which of the following are most likely to have indifference curves that are L-shaped?
A. Coke and Pepsi B. Ice cream and frozen yogurt C. A white shirt and a blue shirt D. Your textbook and its study guide
Poverty rates among the elderly have risen in the past few decades.
Answer the following statement true (T) or false (F)