If the demand for a good is inelastic, an increase in its price will result in a decrease in total revenue
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Open market operations are conducted by the Fed
A) in the New York Stock Exchange. B) in the private secondary U.S. securities market. C) through the Washington location of the Federal Reserve's Bank of Governors. D) through the Bureau of Engraving.
Refer to the scenario above. Which of the following will hold true if Elly is known to be vengeful?
A) A Nash equilibrium will occur. B) Multiple equilibria will occur. C) There will be no Nash equilibrium. D) A socially inefficient equilibrium will occur.
What are the major factors affecting the long-term growth of the economy's output?
What will be an ideal response?
Assuming a nominal interest rate of 6 percent, an unemployment rate of 4 percent, and an inflation rate of 2 percent, the real interest rate is approximately
A) 2 percent. B) 4 percent. C) 6 percent. D) 8 percent.