Regarding demand elasticity, which of the following statements is correct?
a. If demand for seller's product is elastic, a price increase will decrease total revenue.
b. If demand for seller's product is elastic, a price increase will increase total revenue.
c. If demand is exactly unit-elastic, an increase in price will raise total revenue.
d. If demand is exactly unit-elastic, an increase in price will raise total revenue.
a
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As of the year 2000, manufacturing, mining, and construction accounted for what percentage of total U.S. output?
A. 28 percent. B. 15 percent. C. 19 percent. D. None of the choices are correct.
Refer to Exhibit 2-2. If PPF2 is the relevant production possibilities frontier, then point __________ is unattainable.
Refer to the information provided in Figure 30.2 below to answer the question(s) that follow.
Figure 30.2Refer to Figure 30.2. Labor productivity at time t1 is
A. larger than labor productivity at time t2. B. larger than labor productivity at time t4. C. larger than labor productivity at time t3. D. larger than labor productivity at time t2, but less than labor productivity at time t3.
In computing real or constant dollar GDP, the purpose is to attempt to
A) Adjust for spending patterns B) Adjust for the value of a dollar C) Adjust for more investment D) Adjust for changes in the housing prices