If price increases and the quantity purchased increases, we know that
A) supply increased.
B) supply decreased.
C) demand increased.
D) demand decreased.
C
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The marketing people for AT&T believe that if they lower the price of long-distance phone calls by 5 percent, their quantity demanded will increase by 15 percent. If they are correct in their belief, then
A) the demand for long-distance phone calls is price inelastic. B) the total revenue from long-distance phone calls will increase if they lower the price. C) the demand for long-distance phone calls is income elastic. D) the total revenue from long-distance phone calls will decrease if they lower the price.
Article 102 of the Treaty on the Functioning of the European Union (TFEU) prohibits a dominant firm from doing all of the following except which one?
A) charging an unfair price B) price fixing C) making tying contracts or exclusive deals D) buying at a price that is unfairly low
(Requires Appendix material) Which of the following statements is correct?
A) TSS = ESS + SSR B) ESS = SSR + TSS C) ESS > TSS D) R2 = 1 - (ESS/TSS)
The amount of U.S. exports purchased by the rest of the world is primarily determined by
a. real disposable income in the United States b. real disposable income in other nations c. the real interest rate in other nations d. the real interest rate in the United States e. the government budget deficits in other nations