Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates that
A) the supply of bottled water is elastic in the price range considered.
B) the supply of bottled water is inelastic in the price range considered.
C) the demand for bottled water is inelastic in the price range considered.
D) the demand for bottled water is elastic in the price range considered.
D
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The sum of the squares of the market share for the fifty largest firms in a market is the basis of the government's current merger guidelines
Indicate whether the statement is true or false
If a person takes an action if, and only if, the extra benefits from taking that action are at least as great as the extra costs, then that person is:
A. following the Cost-Benefit Principle. B. not following the Cost-Benefit Principle. C. following the Scarcity Principle. D. not rational.