Revenue increases when
An increase in the price of an inelastic good
Price elasticity of Demand increases when
The purpose of a market in a market system
By specializing in the production of one good, a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization?
The market system promotes progress
Productive efficiency is achieved
The market is said to be in equilibrium
The market will move to a higher equilibrium price
The intersection of supply and demand will be
When a price ceiling occurs
Because the goals of firms, entrepreneurs, and workers have different incentives, which of the following principles applies?
13 questions and answers from week 2; 23 questions and answers from week 3; 10 questions and answers from week 4; 12 questions and answers from week 5; and 6 questions and answers from week 6.