Of the three major economic questions, which of the following is the best example of a "How?" question?
A) Should we produce more heavy fleece coats?
B) Should we spend more on health care?
C) Should we collect tolls on turnpikes using human toll collectors or mechanized toll machines?
D) Should we eat more oatmeal?
E) Should we build log homes or build factories from bricks?
C
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If demand is unit elastic and price is __________, total revenue will _________.
A. raised; increase B. raised; decrease C. lowered; increase D. lowered; remain unchanged
Refer to the information provided in Figure 6.13 below to answer the question(s) that follow.
Figure 6.13Refer to Figure 6.13. Assume Megan has two products available, pizza and hamburgers. Megan must be compensated with more hamburgers as she gives up more pizzas. The curve in Panel ________ represents her indifference curve.
A. A B. B C. C D. D