When the price of fresh fish increases 10%, quantity demanded decreases 5%. The price elasticity of demand for fresh fish is ________ and total revenue from fresh fish sales will ________.
A. inelastic; decrease
B. inelastic; increase
C. elastic; decrease
D. elastic; increase
Answer: B
You might also like to view...
Which of the following accounts records the change in U.S. official reserves?
A) current account B) capital and financial account C) official settlements account D) none of the above
Suppose a drought resulted in a major reduction in the California lettuce crop. In the market for lettuce
A) the supply curve shifted to the left resulting in a decrease in the equilibrium price. B) the demand curve shifted to the right resulting in an increase in the equilibrium price. C) the demand curve shifted to the left resulting in a decrease in the equilibrium price. D) the supply curve shifted to the left resulting in an increase in the equilibrium price.
A majority of the world's exports are exported to
a. small countries b. less-developed countries c. poor countries d. industrially-developed countries e. the United States
If the supply price of land is zero, including costs of transporting goods produced on the land to the market, then
a. positive rents are paid for the acres furthest from the market b. there are no rent-yielding acres c. the demand for land must be infinitely high d. population growth must be high e. landowners will reap higher rents