A variable which is independent of the level of income is
A) endogenous.
B) exogenous.
C) autonomous.
D) irrelevant to any theory of income determination.
C
Economics
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If the price elasticity of demand is greater than 1, a monopoly's
A) total revenue increases when the firm lowers its price. B) total revenue decreases when the firm lowers its price. C) marginal revenue is negative. D) marginal revenue is zero.
Economics
The demand curve for labor is negatively sloped only because the firm must lower its price if it wishes to sell more output
Indicate whether the statement is true or false
Economics