The introduction of computer-based technologies in the telephone industry caused
a. an increase in the supply of telephone services.
b. an increase in the demand for telephone services.
c. an increase in the price of telephone services.
d. a decrease in the number of calls handled daily by telephone companies.
a. an increase in the supply of telephone services.
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A good way to encourage agricultural production is to
a. encourage farmers to work harder b. subsidize input prices for farmers c. permit farm prices to rise with increasing demand d. create a monopoly firm to buy all farm output e. all of the above
The price elasticity of new automobile purchases is about 1.2 . This implies that an increase of $1,000 on a $10,000 automobile will
a. reduce the number of autos sold by approximately 1.2 percent. b. increase the consumer expenditures on autos by approximately 1.2 percent. c. reduce the number of autos sold by approximately 12 percent. d. increase consumer expenditures on autos by approximately 12 percent.