Total revenue received by surfboard manufacturers increases by $2 million when the price of a surfboard decreases by $10. The price the elasticity of demand for surfboards is
A) between 0 and 1.
B) greater than 1.
C) equal to 0.
D) some amount that is impossible to determine without more information.
B
Economics
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The market clearing price of computer modems has just decreased. Which of the following could have caused this change?
A) a decrease in supply at the same time that demand increases B) an increase in supply at the same time that demand decreases C) a decrease in supply with demand unchanged D) an increase in demand with supply unchanged
Economics
Final goods or services used to compute GDP refer to: a. the sum of all wages paid to laborers
b. the factors of production used to produce output. c. goods and services purchased by the ultimate users. d. the value of outstanding shares of stock of manufacturing firms.
Economics