An increase in price will cause a firm's total revenue to increase if demand is price elastic
a. True
b. False
Indicate whether the statement is true or false
False
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Provisions of the 2009 Economic Recovery Act (i.e., President Obama's "Stimulus Package") calling for tax credits for first-time home buyers and hybrid cars confirm that the
A. Obama Administration believes that taxes can alter the spending decisions of taxpayers. B. Obama Administration is committed to across-the-board reductions in personal income tax rates. C. Bush Administration's tax cuts were too costly. D. credo of Congress is "No Good Deed Will Go Untaxed."
If a country begins to import more of a commodity, one can normally expect the price of the commodity to
A. remain unchanged in that nation. B. rise and then fall below where it was originally. C. rise in that nation. D. drop in that nation.
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in producer surplus is
A) 25. B) 5. C) 12.5. D) 20.
Tax credits have been provided to employers for hiring targeted groups
Indicate whether the statement is true or false