Which of the following statements is true?
A) Lower wages are normally offered for jobs with better amenities.
B) Jobs that are relatively risky pay a lower wage than other safer jobs.
C) Educational qualifications and wage rates are negatively correlated.
D) Incentives are normally higher for desirable occupations in comparison to undesirable occupations.
A
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Refer to the scenario above. What is the change in total revenue due to the price change?
A) The total revenue increases by $350. B) The total revenue increases by $3,400. C) The total revenue decreases by $1,650. D) The total revenue decreases by $2,275.
If the positive effect of a greater quantity demanded more than offsets the negative effect of a lower price, then total revenue rises
Indicate whether the statement is true or false