When demand is elastic,
A. an increase in price causes total revenue to rise.
B. marginal revenue is negative.
C. the percentage change in price exceeds the percentage change in quantity.
D. both b and c
E. none of the above
Answer: E
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A change in the amount saved due to a change in income is represented by a
A. shift of the entire saving schedule. B. movement along the saving schedule. C. change in the marginal propensity to consume. D. change in the marginal propensity to save.
What will be the principal and most immediate effect on the supply or demand of raw cotton grown in the United States if beef demand rises and ranchers are induced to reduce their flocks of sheep (for wool) in order to grow more cattle?
A) Decrease in demand. B) Decrease in supply. C) Increase in demand. D) Increase in supply
Which of the following is an example of mixed bundling?
A) a suit jacket B) dinner at a buffet restaurant C) a desktop computer and monitor D) All of the above.
Which of the following is an advantage of having a marketing cooperative?
a. Sellers get a steady supply of raw materials for their produce. b. Buyers get a steady supply of finished products. c. Sellers can save resources they would have spent on marketing and instead specialize in production. d. Buyers face lower risks of opportunism.