Some sales managers are talking shop. Which of the following quotations refers to a movement along the demand curve?
A) "Since our competitors raised their prices our sales have doubled."
B) "It has been an unusually mild winter; our sales of wool scarves are down from last year."
C) "We decided to cut our prices, and the increase in our sales has been remarkable."
D) none of the above
C
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Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. Marginal revenue equals the price of the product. III. Established firms have no advantage over new firms
A) I and II B) II and III C) I, II and III D) I only
Gross Domestic Product is the market value of
a. all exchanges made during the course of a year b. all final goods produced during the course of a year c. all monetary transactions during the course of a year d. all the goods produced during the course of a year over and above what is required to maintain the population and the stock of capital e. all final goods sold during the course of a year