If the demand for a product is perfectly inelastic, a decrease in the price of the product
A) will not change total revenue. B) will decrease total revenue.
C) will increase total revenue. D) any of the above are possible.
B
You might also like to view...
Refer to the scenario above. Which of the following is true if the car dealer has a reputation of trustworthiness?
A) The equilibrium outcome is equitable. B) There is no unique equilibrium. C) There are multiple equilibria. D) The equilibrium is socially efficient.
Lara will agree to a second date with Tom only if, on their first date, Tom is well mannered and well dressed. Lara is using a
a. Screening mechanism b. Signaling mechanism c. All of the above d. None of the above
During the first phase of regulation in the United States (from 1887 to the Great Depression), the primary target of regulation was the:
a. labor unions. b. communication industry. c. food and drug industries. d. railroads.
The primary assets for a bank are demand deposits
Indicate whether the statement is true or false