When UPS implemented changes which allowed it to deliver more packages with the same number of workers and planes, this represented a positive technological change

Suppose the price elasticity of teenagers' demand for cigarettes is 2.0. If the government imposes a tax on cigarettes that raises the price by 10 percent, by how much will it reduce teenaged smoking?

A) by 5 percent B) by 10 percent C) by 15 percent D) by 20 percent

When a firm has an accounting profit that is negative, it

A) will never produce output, even in the short run. B) may still have economic profit. C) has total revenue that is less than total cost. D) cannot be producing where price equals marginal cost.