A firm that is not maximizing profits
A) would never be able to operate in the United States.
B) must not be owned by stockholders.
C) may find it difficult to raise financial capital from external capital markets.
D) is likely to face legal prosecution from the Department of Commerce.
C
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The income elasticity of demand is the
A) absolute change in quantity demanded resulting from a one unit increase in income. B) percent change in quantity demanded resulting from the absolute increase in income. C) percent change in quantity demanded resulting from a one percent increase in income. D) percent change in income resulting from a one percent increase in quantity demanded. E) percent change in income resulting from a one percent increase in price.
If other factors remain unchanged, technological progress in producing good X definitely will lead to
A) an increase in the market clearing price of good X and a decrease in the equilibrium quantity of good X. B) an increase in both the market clearing price and the equilibrium quantity of good X. C) a decrease in the market clearing price of good X and an increase in the equilibrium quantity of good X. D) a decrease in both the market clearing price and the equilibrium quantity of good X.