If demand is elastic, a decrease in price leads to a decrease in total revenue.
Indicate whether the statement is true or false.
Answer: False.
You might also like to view...
With no inflation, a bank would be willing to lend a business firm $5 million at an annual interest rate of 6%. But if the rate of inflation was anticipated to be 4%, the bank would most likely charge the firm an annual interest rate of
A. 10%. B. 2%. C. 6%. D. 4%.
Which one of the following helps preserve incentives to develop new technologies?
A) patents B) tariffs C) income taxes D) quantity restrictions on imports
Which of the following can be used as money?
A) silver B) emeralds C) coconuts D) all of the above
When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions
A) "what" B) "how" C) "where" D) "for whom"