Suppose a decrease in the supply of wheat results in an increase in revenue. This indicates that
A) the demand curve for wheat must be vertical.
B) the resulting increase in price is proportionately greater than decrease in quantity sold.
C) the decrease in quantity sold is proportionately larger than the resulting change in price.
D) the supply curve for wheat must be vertical.
B
Economics
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Fish in the ocean would be considered:
A. a common resource. B. a public good. C. a private good. D. an artificially scarce good.
Economics
Prices below the free market equilibrium price are inefficient because the willingness to pay by someone to consume an additional unit ________ the marginal cost to someone for producing that unit.
A. exceeds B. is less than C. equals D. None of these; efficiency is defined in terms of natural resources, not market equilibrium.
Economics