Josh mows lawns. If the demand for lawn-mowing service is elastic and Josh wants to increase his total revenue, he should
a. increase the price of his lawn-mowing service.
b. decrease the price of his lawn-mowing service.
c. reduce the costs of operating his lawn-mowing service.
d. More than one of the above is correct.
b
You might also like to view...
Suppose the monopolist only sold the goods separately. What price will the monopolist charge for Good 1 to maximize revenues for good 1?
a. $2,300 b. $2,800 c. $1,200 d. $1,700
Indonesia experienced hyperinflation in the 1990s
a. True b. False Indicate whether the statement is true or false
The Gini coefficient provides a measure of
a. the level of poverty. b. the level of relative inequality. c. disguised unemployment. d. the rate of growth.
In many high-tech industries in the economy, such as computers, medical equipment, and automobiles,
A. price competition is utilized by firms more than innovation to compete with rivals. B. firms compete on the basis of innovation only; never engaging in price competition. C. innovation is utilized by firms to compete with rivals more than price competition. D. firms use price competition only; never engaging in innovation to compete with rivals. E. firms utilize innovation and price competition equally to compete with rivals.