The above figure shows the demand curve for movie rentals from Redbox. If Redbox lowered its price from $4.00 to $3.50, then total revenue would ________ because demand is ________
A) decrease; elastic
B) increase; elastic
C) decrease; inelastic
D) increase; inelastic
B
You might also like to view...
The short-run aggregate supply curve in modern Keynesian analysis
A) is a horizontal line the same as in the Keynesian model. B) is a vertical line the same as in the classical model. C) is an upward sloping curve. D) is a negatively sloped curve.
Prior to attending college, Marvin is offered a lucrative four-year contract as an actor in a daytime soap opera. Assuming that acting and attending college are Marvin's preferred alternatives and that he must choose between the two, his opportunity cost of attending college after receiving the offer ________________, making him ____________ likely to attend college than before he received the
offer. A) increases; less B) decreases; more C) stays the same; equally likely D) increases; more E) ?decreases; less
What does a market do poorly?
A. Incentivize individuals to efficiently use society’s resources B. Price labor based actually on marginal productivity C. Promote equal income distribution D. Allocate resources to their highest value uses
Which of these is most likely to shift the long-run aggregate supply curve to the left?
What will be an ideal response?