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
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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.
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.
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.
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