When demand is elastic
A) price and revenue move in opposite directions.
B) price and revenue are not related.
C) price and quantity demanded move in opposite directions.
D) price and revenue move in the same direction.
A
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The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If imported rice is banned, the change in domestic producer surplus equals
A) f. B) f + g. C) f + g + h. D) h.
Technically speaking, when the firm's output level is zero, its total revenue equals
a. zero b. its fixed cost c. its variable cost d. its marginal revenue e. its average revenue
Other issues that exist within the ECB include all of the following, EXCEPT:
A) the level of competence of officials. B) the lack of formal accountability. C) an insistence on consensus decisions, which could cause policy responses to lag. D) too much independence, causing other Eurozone entities to believe they have no voice.
The term "conspicuous consumption" was coined by ____________________.
Fill in the blank(s) with the appropriate word(s).