eco 561 week 1 quizz

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

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

12 .Because the goals of firms, entrepreneurs, and workers have different incentives, which of the following principles applies?