When total revenue and price are inversely related, demand is
A) unit-elastic.
B) inelastic.
C) elastic.
D) not related.
C
You might also like to view...
In Figure 1 below if the economy were at Y3 then we would expect there to be:
A. an increase in production since PAE < actual output.
B. an increase in production since PAE > actual output.
C. no change in production since PAE = actual output.
D. a decrease in production since PAE < actual output.
What are the twin goals of the Federal Reserve Bank?
a) Low unemployment and zero inflation. b) No unemployment and stable prices. c) Low unemployment and stable prices. d) No unemployment and zero inflation.
The demand for farmland will increase if:
A. the demand for food decreases. B. technological advances make land more productive. C. the price of farm labor increases and the output effect exceeds the substitution effect. D. the supply of farmland increases.
In a binding situation, a decrease in government spending
A. shifts the AD curve to the left. B. does not shift the AD curve. C. causes the AD curve to become horizontal. D. shifts the AD curve to the right.