If the demand for a good is inelastic, an increase in its price will result in a decrease in total revenue

A social system in which rights are clearly defined and participants are free to exchange as they choose will tend to allocate resources to

A) their most efficient uses. B) their most highly valued uses. C) uses on which the highest monetary value is placed. D) uses which maximize social welfare. E) uses which produce the greatest good for the greatest member.

The long run is distinguished from the short run because only in the long run

A) output prices can vary. B) factor of production prices can vary. C) the quantities of all factors of production can be varied. D) the firm no longer maximizes its profit.