In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue
(Source: New York Times, July 28, 2012 ) We learn from the article that despite the larger quantity of lobster caught, the total revenue of the fisherman decreased. This fact means that the demand for lobster is A) unit elastic.
B) elastic.
C) inelastic.
D) perfectly elastic.
C
Economics
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Activists believe that monetary and fiscal policy will only work if it comes as a surprise to the public
a. True b. False Indicate whether the statement is true or false
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Economics