Refer to the scenario above. What is the change in total revenue due to the price reduction?
A) The total revenue increases by $25.
B) The total revenue increases by $50.
C) The total revenue decreases by $105.
D) The total revenue decreases by $175.
B
Economics
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A lump-sum tax per unit on imports is known as
a. a specific tariff b. an effective tariff c. a specific quota d. an effective quota e. an ad valorem quota
Economics
What does "there is no such thing as a free lunch" mean in economics?
A. That scarce resources are used up to provide "freebies" and giveaways B. That sometimes people may take friends out to lunch and pay for them C. That all items in the lunch menu have specific prices D. That products only have value because people are willing to pay for them
Economics