An increase in price causes:
A. a decrease in total revenue due to the price effect.
B. an increase in total revenue due to the price effect.
C. an increase in total revenue due to the quantity effect.
D. an increase in quantity demanded.
B. an increase in total revenue due to the price effect.
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Suppose the price elasticity of demand for iPods is inelastic. What would you expect about the demand elasticity for workers producing iPods? Explain
What will be an ideal response?
Which of the following statements is correct?
A. Structural unemployment is unemployment resulting from changes in the structure of consumer demand or technology. B. Search unemployment is the broadest unemployment category because it covers all other types of unemployment. C. Frictional unemployment is the result of friction between labor and management over how best to perform work. D. Cyclical unemployment is also called wait unemployment because this unemployment depends on the timing of the business cycle.