1 . Revenue increases when 2 . An increase in the price of an inelastic good 3

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?