Currency includes coins and paper money in circulation and stored in the federal reserve vaults

You own a small store. Your cashier thinks you should raise prices to increase your total revenue and your customer thinks you should lower prices to increase your total revenue

The cashier thinks the price elasticity of demand is ________ and the customer believes the price elasticity of demand is ________. A) inelastic; elastic B) elastic; inelastic C) elastic; elastic D) inelastic; inelastic E) unit elastic; elastic

Refer to Figure 12-1. If the firm is producing 200 units

A) it should increase its output to maximize profit. B) it is making a loss. C) it breaks even. D) it should cut back its output to maximize profit.