If the price of a good increases and the total revenue also increases, the good has a(n)
A. perfectly elastic demand.
B. unit elastic demand.
C. elastic demand.
D. inelastic demand.
Answer: D
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In the late 18th century, England:
a. passed laws prohibiting the export of new industrial machinery. b. tried to discourage labor pirating. c. was the second largest producer of manufactured goods in the world. d. successfully prevented technology transfer to the U.S. e. Both a and b are correct.
If the output effect from increased production is larger than the price effect, then an oligopolist would increase production
a. True b. False Indicate whether the statement is true or false
Some people see the government as being more heavily involved in taking sides than in serving the common interest
Indicate whether the statement is true or false
What is the difference between shutting down and exiting a market?
a. Shutting down means to leave temporarily; exiting means to leave permanently. b. Shutting down means to close some operations; exiting means to close all operations. c. Shutting down means to leave permanently; exiting means to leave temporarily. d. Shutting down means to close all operations; exiting means to close some operations.