If demand is elastic, an increase in price will decrease total revenue.

Answer the following statement true (T) or false (F)


True

Economics

You might also like to view...

Ray's Radios believed the synergies between radio production and battery production could be realized if he expanded. However, due to overseeing the battery expansion Ray devoted less time to the radio business leading to the radio unit costs increasing. Ray's Radios is experiencing

a. Economies of scale b. Economies of scope c. Diseconomies of scale d. Diseconomies of scope

Economics

An example of normative analysis is studying

a. how market forces produce equilibrium. b. surpluses and shortages. c. whether equilibrium outcomes are socially desirable. d. income distributions.

Economics

Why does the AVC reach its minimum before the ATC reaches its minimum?

What will be an ideal response?

Economics

______ occurs when the Fed buys long-term securities, thus driving down long-term interest rates and encouraging spending.

a. Quantitative speculating b. Quantitative easing c. Qualitative speculating d. Qualitative easing

Economics