Which of the following describes a situation in which demand must be elastic?
a. Total revenue increases by 15 percent when the price of corn dogs rises by 15 percent
b. Total revenue increases by less than 15 percent when the price of corn dogs rises by 15 percent.
c. Total revenue decreases by more than 15 percent when the price of corn dogs rises by 15 percent.
d. Total revenue increases by $15 when the price of corn dogs rises by $15.
e. Total revenue increases by more than $15 when the price of corn dogs rises by $15.
C
You might also like to view...
The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.Number ofEmployeesTotal DonationsAverage DonationsTotal Labor CostsAverage Labor Costs1$30,000 $8,0002$42,426 $17,000 3 $17,321$27,000 4$60,000 $9,5005 $13,416$50,000 The Chair of the Economics Department at State U says that fundraising employees should be hired as long as their marginal benefit exceeds their marginal cost. If the University follows this advice, then ________ employee(s) will hired, and the net benefit (total donations minus total labor costs) will be ________.
A. 1; $22,000 B. 2; $25,426 C. 2; $3,476 D. 3; $25,426
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
Describe the political marketplace. Who are the participants, what do they do, and what is a political equilibrium?
What will be an ideal response?
The Chamberlin oligopoly provides a foundation for ________ and differs from the Cournot oligopoly as it assumes firms ________ to each other's actions.
A) tacit collusion; do not respond B) cartels; respond C) tacit collusion; respond D) cartels; do not respond