The demand curve for a typical good has
A. a negative slope because consumers purchase less of the good as the price rises.
B. a negative slope because the supply of the good rises as demand rises.
C. a negative slope because the good has less “snob appeal” as its price falls.
D. a positive slope because as the price goes up, the good has more profitability.
E. a positive slope because price is a clear indicator of need.
Answer: A
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A) if the total revenue exceeds the total fixed cost B) if the total revenue exceeds the total variable cost C) if the total revenue is positive D) if the total revenue is increasing E) if the marginal revenue exceeds the price.
The total public debt as a percentage of GDP for the United States in 2011 was in the vicinity of
a. 25 percent. b. 70 percent. c. 90 percent. d. 120 percent.