A price cut will increase the total revenue a firm receives if the demand for its product is:
a. elastic

Discuss the pattern of allocation of foreign aid by members of the Development Assistance Committee (DAC) to developing countries in recent years. What are the priorities of the DAC members in allocating foreign aid among recipients?

What will be an ideal response?

If five firms of similar sizes join to form a cartel, then it is most likely that

A) they will charge a common, lower market price. B) they will collectively produce less than before. C) all five firms will earn the same profits as before. D) all five firms as a group will have falling profits, but increased output.