If the market price of a product falls and as a result total revenue of firms falls, we can conclude that
A) demand is elastic in this price range.
B) the product's price is above the midpoint of its demand curve.
C) demand is inelastic in this price range.
D) the demand curve is horizontal.
Answer: C
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Refer to Table 4-14. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. The equilibrium price and quantity for Pauline's Pickled Pomegranates are $30 and 15 thousand units
What is the value of economic surplus in this market? A) $50 thousand B) $112.5 thousand C) $225 thousand D) $337.5 thousand
All but one of the following economists were awarded a Nobel prize for their contributions to experimental economics and their explorations of the influence fairness has on consumer decision-making
Which economist did not receive a Nobel Prize for this work? A) Daniel Kahneman B) Vernon Smith C) Alan Krueger D) Maurice Allais
Which of the following factors does not affect the long-run supply and demand conditions of foreign currencies?
A) Relative inflation rates B) Relative productivity levels C) Tastes for domestic versus foreign goods D) All of the above affect the long-run supply and demand conditions of foreign currencies.
As the market wage rate increases, it will exceed more individuals' reservation wage rates; this ensures the market supply of labor curve will be upward sloping
a. True b. False