When marginal revenue is positive, total revenue ________ when output increases and demand is ________
A) decreases; elastic
B) decreases; inelastic
C) increases; elastic
D) increases; inelastic
E) does not change; unit elastic
C
Economics
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The most comprehensive measure of aggregate output is
A) gross domestic product. B) net national product. C) the stock value of the industrial 500. D) national income.
Economics
If the equation of exchange holds, and if the velocity of money and total output are fixed, then, if the money supply doubles,
A) the price level will increase by half. B) the price level will decrease by half. C) the price level will double. D) the price level will decrease by 25 percent.
Economics