If the price of a good increases and the total revenue remains the same, the demand for the good is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
Answer: C
Economics
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Real GDP will increase
a. only when prices increase. b. only when output increases. c. when prices increase or output increases. d. All of the above are correct.
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If the price of an input decreases, each individual firm?s marginal cost curve shifts ________ and the industry supply curve ________.
A. downward; shifts to the left B. downward; shifts to the right C. up; shifts to the left D. up; does not change
Economics