Microeconomics
A. studies individual decision making.
B. studies aggregate behavior.
C. cannot be applied too behaviors such as marriage.
D. cannot be used to address questions of what ought to be.
A. studies individual decision making.
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If a decrease in the price of theater tickets increases the total revenue earned by the theater, this is evidence that demand is:
a. price elastic. b. price inelastic. c. unitary elastic. d. perfectly inelastic.
If occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect
a. the demand for the products of this industry to increase. b. the market price of the products of this industry to decrease in the short run but not in the long run. c. the firms in the industry to make long-run economic profit. d. competition to force producers to pass the lower production costs on to consumers in the long run.