If the demand for textbooks is inelastic, then a decrease in the price of textbooks will
a. increase total revenue of textbook sellers.
b. decrease total revenue of textbook sellers.
c. not change total revenue of textbook sellers.
d. There is not enough information to answer this question.
b
Economics
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Based on the cost data in the above table, the long-run average cost (LRAC) is lowest when output is
A) 20. B) 40. C) 80. D) Long-run average cost is constant at all levels of output.
Economics
The alternate-section provision was designed to:
a. allow the government to share in increased land values resulting from railroad building. b. encourage private businesses to locate along railroad routes. c. discourage farmers from cultivating crops near railroad routes. d. make railroad stations more accessible to families.
Economics