If price goes up 20 percent and quantity demanded declines by 10 percent, total revenue will rise.
Answer the following statement true (T) or false (F)
True
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When people use all the relevant data and principles of economics to forecast inflation, they are making
A) what is called a "data-based forecast." B) an always accurate forecast. C) a mistake. D) what is called a "rational expectation." E) an exaggerated forecast.
As a rule, as a consumer acquires more and more of a good, the marginal utility declines.
Answer the following statement true (T) or false (F)
The law of demand illustrates that as
a. price decreases, demand increases. b. price increases, quantity demanded increases. c. price decreases, quantity supplied increases. d. price decreases, quantity demanded increases.
Stockholders are residual claimants, meaning that they
A) have the first priority claim on all of a company's assets. B) are liable for all of a company's debts. C) will never share in a company's profits. D) receive the remaining cash flow after all other claims are paid.