If the demand for widgets is inelastic, total revenue will ________ if the price of widgets increases.
a. increase
b. decrease
c. remain the same
d. one cannot tell what will happen to revenues without specific elasticity numbers
e. none of the above
Ans: a. increase
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a. True b. False Indicate whether the statement is true or false
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Suppose a policy change will generate $180,000 of benefits for low-income families and $150,000 of costs for high-income and middle-class families. This change can best be described as
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