If the demand for widgets is inelastic, revenues will ________ if the price of widgets increases.
A. remain the same
B. increase
C. fall
D. one cannot tell what will happen to revenues without specific elasticity numbers
Answer: B
Economics
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What happens to the maximum amount of "all other goods" that this person can buy if instead he receives the $100 in food coupons? What's the maximum amount of food he can buy under this plan?
What will be an ideal response?
Economics
Which of the following is an example of using physical capital to save time and money?
(A) Hiring more workers to do a job. (B) Lowering workers' wages to increase profits. (C) Building extra space in a factory to improve production. (D) Switching from oil to coal to make production cheaper.
Economics