If demand is elastic and price is lowered, total revenue will
A. rise.
B. fall.
C. stay the same.
D. possibly rise and possibly fall.
A. rise.
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Technology reduces the average cost of production, so in the long run
i. perfectly competitive firms produce at a lower average cost. ii. the market price of the good falls. iii. firms with older plants either exit the market or adopt the new technology. A) i only. B) i and ii. C) iii only. D) i and iii. E) i, ii, and iii.
Financial Systems
What will be an ideal response?
A form of economic organization that relies primarily on private ownership of productive assets, freedom of exchange, and market prices to allocate goods and resources is often called?
What will be an ideal response?
An Australian company makes athletic wear for women, men, and children. After several years of successfully exporting its products to the U.K. and the U.S., the company began exporting to Japan. This is an example of ________.
A) a born-global company B) a location advantage C) third-party exporting D) incremental internationalization