If demand is unit-elastic throughout the demand curve, then total revenues are
A. lower the higher the price.
B. the same for any price the firm charges.
C. greater the higher the price.
D. maximized at the midpoint of the demand curve.
Answer: B
Economics
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The demand curve is downward sloping because
A) the price must rise to induce firms to increase quantity supplied. B) a reduction in the price of a good causes individuals to increase their purchase of that good. C) an increase in the price will cause a leftward shift in the demand curve. D) all of the above.
Economics
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Economics