Suppose a market has the demand function Qd=20-0.5P. At what price will total revenue be maximized?
$20
You might also like to view...
Refer to the scenario above. Which of the following strategy combinations denote a Nash equilibrium?
A) (Left, Left) B) (Left, Right) C) (Right, Left ) D) (Right, Right)
A decrease in the demand for dollars on the foreign exchange market, all else equal, will result in:
A) appreciation of the U.S. dollar and depreciation of the foreign currency.
B) appreciation of the U.S. dollar and appreciation of the foreign currency.
C) depreciation of the U.S. dollar and depreciation of the foreign currency.
D) depreciation of the U.S. dollar and appreciation of the foreign currency.
If the price of a good increases by 5% and the quantity demanded decreases by 10%, then at that price, the good is
A. elastic. B. perfectly inelastic. C. perfectly elastic. D. inelastic.
Economics is primarily:
A. an observational science. B. a normative science. C. a natural science. D. a laboratory science.