If the price elasticity of demand is elastic, then:

a. Ed < 1.
b. consumers are relatively not very responsive to a price increase.
c. an increase in the price will increase total revenue.
d. there are likely a large number of substitute products available.


d

Economics

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Under ________ there are many firms selling identical products

A) perfect competition B) monopolistic competition C) oligopoly D) monopoly

Economics

In the figure above, Lourdita faces a 0.5 probability of receiving $3,000 and a 0.5 probability of receiving $9,000. Her cost of bearing this risk is the distance from

A) A to F. B) A to D. C) B to E. D) C to E.

Economics

Net entrants to the labor force is likely to be highest when the economy ________

A) is entering a recession B) nears the peak of an expansion C) has passed the peak of an expansion D) begins to recover from a recession

Economics

If Best Office Supply states that it will meet any competitor's price on a 500 pack of copy paper and beat it by 10 percent, this is an example of ________.

A) a barrier to entry B) a meet-the-competition clause C) price leadership D) a preannouncement

Economics