If the absolute value of the own price elasticity of steak is 0.4, a decrease in price will lead to:
A. an increase in total revenue.
B. no change in total revenue.
C. a reduction in total revenue.
D. None of the statements is correct.
Answer: C
Economics
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Every year as the clock nears midnight on December 31st, the eyes of the world turn to Times Square in New York City to watch the famous ball drop at midnight
The event is open to everyone, but it is advised you arrive early to be able to participate because the square quickly becomes crowded with no space left for latecomers. This celebration is most like a A) common resource. B) public good. C) private good. D) natural monopoly.
Economics
What is the rate of return on a bond with a coupon of $38 payable in one year that was purchased for $950 and sold one year later for $931?
A) 2% B) 4% C) 6% D) 19%
Economics