The most important feature of the Single European Act of 1986, which amended the founding Treaty of Rome, was dropping the requirement of
A) unanimous consent for measures related to market completion and making it a decision that only Germany and France agreed about.
B) unanimous consent for measures related to market completion.
C) majority consent for measures related to market completion and making it a decision that only Germany and France agreed about.
D) unanimous consent for measures related to agricultural policies only.
E) unanimous consent for measures related only to fiscal policies.
B
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KFC raises the price of its grilled chicken. The price elasticity of demand for KFC grilled chicken is 0.8. What happens to the KFC's total revenue?
A) nothing B) It increases. C) It decreases. D) It becomes negative. E) It might change, but more information is needed to determine if it increases, decreases, or does not change.
If the price elasticity of demand for an annual magazine subscription is 1.6 in the range between $26 and $30, what happens in the market when the subscription price rises from $26 to $30?
a. There will be an increase in the total revenue the magazine collects on its subscriptions. b. There will be a decrease in the total revenue the magazine collects on its subscriptions. c. Magazines will become a normal good. d. Magazines will become an inferior good