In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue
(Source: New York Times, July 28, 2012 ) We learn from the article that despite the larger quantity of lobster caught, the total revenue of the fisherman decreased. This fact means that the demand for lobster is A) unit elastic.
B) elastic.
C) inelastic.
D) perfectly elastic.
C
You might also like to view...
Explain why it may be advantageous to have technological change explained by, rather than outside of, a growth model
What will be an ideal response?
A government-inhibited good is one that
A) the political process has determined is socially undesirable. B) the political process has determined is socially desirable. C) freely competitive markets have determined is socially desirable. D) we want to encourage the consumption of.
The aggregate demand curve shows the:
a. Direct relationship between the price level and real GDP produced b. Inverse relationship between interest rates and real GDP produced c. Inverse relationship between the price level and real GDP purchased d. Direct relationship between real-balances and real GDP purchased
Which of the following would cause a movement along the investment function?
A. optimistic expectations about business conditions B. technological progress C. an increase in the rate of interest D. a decrease in business taxes