Assume the following situation. In year 1, a $400 capital stock generates a $100 GDP. One-fifth, or $20 of the $100 GDP, is put into investment. The capital/output ratio in year 1 is

If a firm in a competitive market decreases the quantity of output sold, total revenue should

a. decrease. b. increase. c. should change proportionately to the change in total costs for the firm. d. remain the same.

It has been noted that when the price of a good increases, people purchase less of the good. This is an example of

A) macroeconomic analysis. B) irrational behavior. C) normative economic analysis. D) positive economic analysis.