When demand is elastic, an increase in price will result in a decrease in total revenue.
Answer the following statement true (T) or false (F)
True
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The present discounted value of a future payment can be calculated using which of the following formulas?
A. (Current payment) ÷ [(1 + Interest rate) N]. B. (Future payment) ÷ [(1 + Interest rate) N]. C. [(1 + Interest rate) N] ÷ (Future payment). D. [(1 + Interest rate) N] ÷ (Current payment).
Which of the following would be considered an implicit cost of operating a business?
A) advertising expenses B) wages paid to workers C) a normal rate of return for investors D) any explicit cost
Of the items in the following lists, which go from most liquid to least liquid?
A) a house, a six-month certificate of deposit, shares of stock, a checking account B) a checking account, a certificate of deposit, shares of stock, a house C) a checking account, a house, a six-month certificate of deposit, shares of stock D) a six-month certificate of deposit, shares of stock, a house, a checking account
Ticket scalping can increase total surplus in the market for tickets to sporting events
a. True b. False Indicate whether the statement is true or false