When demand is elastic,
A. an increase in price causes total revenue to rise.
B. marginal revenue is negative.
C. the percentage change in price exceeds the percentage change in quantity.
D. both b and c
E. none of the above
Answer: E
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In the above figure, if the interest rate is 2 percent per year, the ________ because ________
A) demand for money curve will shift; the quantity of money demanded is less than the quantity of money supplied B) demand for money curve will shift; the quantity of money demanded is greater than the quantity of money supplied C) interest rate will change; the quantity of money demanded is less than the quantity of money supplied D) interest rate will change; the quantity of money demanded is greater than the quantity of money supplied E) supply of money curve will shift; the quantity of money demanded is greater than the quantity of money supplied
An economy can achieve faster economic growth without ______
A. markets and property rights B. people being willing to save and invest C. incentives to encourage the research for new technologies D. an increase in the population growth rate