If the short run elasticity of demand for widgets is 1.1 and the long run elasticity of demand for widgets is 3.6, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run.
a. Increase; increase

Suppose that the wage for musicians decreases relative to other occupations. We know that ________ people will work in music, and the total number of hours worked will ________.

A. more; increase B. more; decrease C. fewer; increase D. fewer; decrease

Efficient markets theory suggests that purchasing the published reports of financial analysts

A) is likely to increase one's returns by an average of 5 percent. B) is likely to increase one's returns by an average of about 3 to 5 percent. C) is not likely to increase financial returns. D) will increase financial returns in the first year but not in following years.