When demand is inelastic, a decrease in price will cause
a. an increase in total revenue.
b. a decrease in total revenue.
c. no change in total revenue but an increase in quantity demanded.
d. no change in total revenue but a decrease in quantity demanded.
b
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Which of the following about trade is true?
a. Trade does not produce anything new; therefore, it cannot create value. b. The value of a good is determined by the cost of the material resources required for its production. c. The value of a good generally depends on who uses it and circumstances such as when and where it is used. d. All of the above are true.
The vertical long-run aggregate supply curve reflects the fact that in the long run, an increase in the price level
What will be an ideal response?
Children who dislike Brussels sprouts exemplify the notion that the marginal utility of Brussels sprouts is:
A. Zero B. Negative C. Positive, but decreasing D. Less than the total utility
Under a flexible exchange rate system, there is no need for foreign exchange reserves.
Answer the following statement true (T) or false (F)