If price goes up 20 percent and quantity demanded declines by 10 percent, total revenue will rise

a. True
b. False
Indicate whether the statement is true or false


True

Economics

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A strategy which is universally best, regardless of the strategy chosen by others, is called a

A) Nash strategy. B) dominant strategy. C) mutually interdependent strategy. D) zero-sum strategy.

Economics

If the income elasticity of a good is ?1.8, this means this good is a(n):

A. luxury good. B. substitute good. C. complementary good. D. inferior good.

Economics

Excise taxes

A. are aimed at a specific good or service. B. are aimed at a wide range of products. C. are direct taxes. D. are generally progressive in nature.

Economics

In 1986, an Apple IIe computer with 65 kilobytes of memory cost around $1,500. Today, a $1,500 iMac computer (also made by Apple) comes with 8 gigabytes of memory. This illustrates the potential for what kind of bias in CPI calculations?

A) new product bias B) increase in quality bias C) substitution bias D) outlet bias

Economics