Which of the statements below does not describe a demand curve that is unit elastic?
a. The percentage change in the quantity demanded = percentage change in product price.
b. An increase in product price will not change total revenue.
c. The price elasticity of demand equals one.
d. A change in price does not change quantity demanded.
e. A decrease in product price will not change total revenue.
d
You might also like to view...
In the short run, average total cost is
A) higher than average variable cost. B) equal to average variable cost. C) less than average variable cost. D) sometimes higher and sometimes lower than average variable cost.
In the long run, a monopolistically competitive firm that is incurring a loss will ________ if total revenue is less than variable costs.
A. increase its output B. decrease its output C. shut down D. continue to produce its current output
Which of the following economic variables is affected when the government adopts countercyclical fiscal policy?
A) Government spending B) Bank reserves C) Interest rates D) M2 measure of money supply
From the mid-1960s to the present, what would a graph of U.S. productivity rates against time reveal?
(a) A stable upward trend in the amount of output per paid hour (b) An unstable but upward trend (c) A U-shape (d) A downward trend