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
You might also like to view...
Although ________ currency is lighter than coins made of metals, a disadvantage arising from modern technology is the ease of ________
A) paper; transport B) commodity; counterfeiting C) fiat; transport D) paper; counterfeiting
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
All of the following represent returns to savers EXCEPT:
A) dividends on stocks B) fees on loans C) interest on deposits D) coupon payments on bonds
In 2011, the three largest economies in the world were (listed in order, from largest):
A. The U.S., China, Germany B. China, the U.S., Japan C. The U.S., China, Japan D. China, the U.S., Germany