If a perfectly competitive firm raises the price it charges to consumers, which of the following is the most likely outcome?
A) The firm's total revenue will increase only if the demand for its product is elastic.
B) The firm's total revenue will increase only if the demand for its product is inelastic.
C) The firm will not sell any output.
D) The firm's revenue will not change because some consumers will refuse to pay the higher price.
Question 2
If marginal utility of apples is diminishing and is a positive amount, consuming one more apple will cause
A) a consumer to go beyond her optimal consumption of apples.
B) total utility to decrease.
C) a consumer to get no satisfaction from consuming apples.
D) a consumer's total utility to increase.
The elephant raises its trunk as a sign of warning or to smell enemies or friends
John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d
Competitive drug enzyme immunoassay.
How to create a price index to calculate inflation for a basket of goods
Basic two-handed kneading. Tissues are lifted with the whole hand in firm contact.
The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?