When demand is elastic,
A) changes in price and changes in total revenue move in the same direction.
B) there is no relationship between changes in price and changes in total revenue.
C) changes in price and changes in total revenue move in opposite directions.
D) for any change in price, total revenue will not change.
C
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Total surplus is maximized in a(n) ________
A) monopolistically competitive market B) perfectly competitive market C) oligopoly D) monopoly
Assume that seigniorage and the government's primary deficit are both zero. A change in the debt-to-GDP ratio depends on just
A) the rate of inflation and total factor productivity. B) the growth rate of real GDP and the real interest rate. C) the growth rate of the money supply and the nominal interest rate. D) the growth rate of nominal GDP and the rate of inflation.
One concept that behavioral economists use to account for procrastination is:
A. the time inconsistency of our decision-making. B. the fungibility of money. C. thinking inconsistently about prices. D. framing bias.
GDP per capita can be summarized to be:
A. a measure of average well-being in a country. B. a gauge of the direction an economy when we examine GDP changes over one year. C. the measureofvalue of all activity inside a national economy. D. the best measure of well-being for all citizens inside a country