If increasing the admission charge for National Parks increases the National Park Service's total revenue, then the demand for National Park visits is:

A. inelastic.
B. elastic.
C. perfectly elastic.
D. a perfectly horizontal line.

A. inelastic.

Economics

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The above table shows the marginal benefit from submarines for the only two citizens of a country. Suppose submarines cost $175 a piece. Politician A proposes 2 submarines while politician B proposes 4

Assuming that both Bobby and Katie pay one half of the resulting taxes and neither is rationally ignorant, which politician will win the election? A) A because she offers voters a lower tax bill. B) A because she offers voters a greater net benefit. C) B because she offers voters a greater total benefit. D) B because she offers voters more submarines.

Economics

All of the following are considered a barrier to entry into a market EXCEPT

A) government licenses. B) persistent declining long-run average costs as output increases. C) lowering tariffs. D) governmental regulations of business conduct relating to workplace conditions.

Economics