If a firm decreases the price of a good and total revenue decreases, then
A) the demand for this good is price elastic.
B) the demand for this good is price inelastic.
C) the cross elasticity is negative.
D) the income elasticity is less than 1.
B
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The value of the price elasticity of demand for a straight-line demand curve starts with low elasticity values at high prices and has high elasticity values at low prices.
Answer the following statement true (T) or false (F)
Traditionally, Wall Street investment banks had been organized as partnerships, but by 2000 they had converted to being publicly traded companies
As partnerships, the principal-agent problem is ________ because there is ________ separation of ownership from control. A) increased; little B) reduced; much C) reduced; little D) increased; much
Which of the following is always correct?
a. Y - I = NCO b. NCO = NX c. NX = I d. All of the above are correct.
Opportunity cost measures:
a. value in terms of the cost of production. b. total accounting cost. c. value-based prices. d. foregone opportunities. e. the difference between production cost and resource cost