Consider a demand curve that has a constant elasticity value of 0. What happens to quantity demanded and total revenue when price increases?
A) The quantity demanded does not change but total revenue decreases.
B) The quantity demanded and total revenue fall to zero.
C) The quantity demanded and total revenue remain the same.
D) The quantity demanded does not change but total revenue increases.
D
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A. The U.S., China, Germany B. China, the U.S., Japan C. The U.S., China, Japan D. China, the U.S., Germany
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When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _________________.
A. demand schedule B. market price C. quantity supplied D. demand curve