In an attempt to raise sales, Hannah cut prices in her bookstore by 20 percent. If the dollar value of her sales remained constant, that indicates
A. old customers bought no more books.
B. no new customers bought books.
C. the quantity of books sold increased 20 percent.
D. the demand curve is vertical.
Answer: C
Economics
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The longer you have to wait to receive a payment
A) the greater value it will have to you. B) the lower the interest rate you will charge on the payment. C) the less value it will have to you. D) the more you are willing to discount the payment.
Economics
The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is at its maximum and equals 30. The marginal revenue product of labor is $300. The price of its output
A) is $0.10. B) is $10. C) is $9,000. D) cannot be determined without more information.
Economics