Questions:
1 .Revenue increases when
2 .An increase in the price of an inelastic good
3 .Price elasticity of Demand increases when
4 .The purpose of a market in a market system is to
5 .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?
6 .The market system promotes progress by
7 .Productive efficiency is achieved when Top of Form
8 . The market is said to be in equilibrium when
9 .The market will move to a higher equilibrium price if
10 .The intersection of supply and demand will be at a lower equilibrium price but a higher equilibrium quantity if
11 .When a price ceiling occurs Bottom of Form
12 .Because the goals of firms, entrepreneurs, and workers have different incentives, which of the following principles applies?