The term "unit elasticity" is used to describe a situation in which a rise in price is accompanied by
a. a fall in total expenditure.
b. a rise in total expenditure.
c. constant total expenditure.
d. a unit decrease in total expenditure.
c
Economics
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"When the cost of producing a unit of a good falls as its output rate increases" is the definition of
A) economies of scope. B) economies of scale. C) economic efficiency. D) technological efficiency.
Economics
The ______ of money refers to the intensity with which money is used.
a. rate b. velocity c. depreciation d. appreciation
Economics