Along the elastic range of a demand curve, a price change causes:
a. a change in total revenue in the opposite direction.
b. a change in total revenue in the same direction.
c. no change in total revenue.
d. an unpredictable change in the total revenue.
a
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The value of the put option rises when the underlying asset
A) experiences price increases. B) experiences price declines. C) experiences reduced volatility. D) has a relatively short maturity.
Rent-seeking behavior creates:
A. waste and inefficiency. B. waste, but is efficient. C. inefficiencies, but not waste. D. efficiency without waste.
Which of the following statements is correct for the short run?
a. Output is determined by the amount of capital, labor, and technology; the interest rate adjusts to balance the supply and demand for money; the price level adjusts to balance the supply and demand for loanable funds. b. Output is determined by the amount of capital, labor, and technology; the interest rate adjusts to balance the supply and demand for loanable funds; the price level adjusts to balance the supply and demand for money. c. Output responds to the aggregate demand for goods and services; the interest rate adjusts to balance the supply and demand for money; the price level is relatively slow to adjust. d. Output responds to the aggregate demand for goods and services; the interest rate adjusts to balance the supply and demand for loanable funds; the price level adjusts to balance the supply and demand for money.
Which of the following is a determinant of supply?
A. Number of buyers. B. Consumers' income. C. Consumer tastes or preferences. D. The prices of the factors of production.