The above table gives the demand schedule for Billy Bob's BBQ ribs. An increase in the price of a pound of ribs will lead to a decrease in total revenue when
A) demand is inelastic.
B) the demand curve is vertical.
C) the price increase occurs over the price range of 0 to $5.
D) the price increase occurs over the price range of $5 to $10.
D
Economics
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When the production possibilities frontier is bowed outwards, the opportunity cost of producing more of one good
A) increases in terms of the amount foregone of the other good. B) decreases in terms of the amount foregone of the other good. C) remains constant. D) cannot be determined.
Economics
An organic food manufacturing company has been advertising widely against the consumption of inorganic food. This is an example of ________
A) backward induction B) indoctrination C) anchoring D) sniping
Economics