Consider the market for bicycles. If a dealer cuts prices by 10 percent and sells 20 percent more bikes, then demand for bicycles is
a. inelastic, and total revenue will increase.
b. elastic, and total revenue will increase.
c. inelastic, and total revenue will decrease.
d. elastic, and total revenue will decrease.
b. elastic, and total revenue will increase.
Economics
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In the Central Utah Project, the water delivered from dams to users
a. is very well utilized, because planners allocated water to its highest valued uses and users. b. cannot generally be traded, so is often wastefully used in low-valued uses. c. is often sold to water-short cities by farmers who can then enjoy a profit from the sale. d. is very expensive to the users who get it.
Economics
Under free banking, banks are regulated by the Federal Reserve
Indicate whether the statement is true or false
Economics