A perfectly competitive firm's total revenue curve
a. is a horizontal line
b. is a vertical line
c. is constant
d. has a negative slope
e. has a constant positive slope
E
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In countries like Botswana and Zimbabwe, local villages have been given property rights over local elephants with the result that elephant populations:
A. have been decimated as villagers try to maximize short-run profit. B. have grown as villagers have protected the elephants to support their tourist industry. C. have grown exponentially, with adverse environmental impacts. D. are in serious decline as ivory prices have risen.
If the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of demand of the DVD for the movie The Hangover should be
A) less then 0.8 in absolute value. B) greater than 0.8 in absolute value. C) equal to 1 in absolute value. D) equal to zero because the DVD of this movie has been out for several years.