If demand is unit elastic, an increase in price will lead to an increase in total revenue

Indicate whether the statement is true or false


False

Economics

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Opportunity cost:

a. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity. b. represents the worst alternative sacrificed for a chosen alternative. c. represents all alternatives not chosen. d. represents the best alternative sacrificed for a chosen alternative.

Economics

Suppose that as the price of apples rises, people switch from eating apples to eating oranges. This is known as:

A. the normal effect of a price change. B. a decrease in the demand for apples. C. the substitution effect of a price change. D. the income effect of a price change.

Economics

Total utility is constant along a given indifference curve

Indicate whether the statement is true or false

Economics

Which of the following countries is lacking an abundance of natural resources?

a. Australia b. Japan c. Brazil d. United States

Economics