Suppose a decrease in the supply of paper results in an increase in revenue. This indicates that
A) the demand for paper is elastic. B) the supply of paper is elastic.
C) the supply of paper is inelastic. D) the demand for paper is inelastic.
D
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Which of the following always lowers the equilibrium price?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply
Expansionary monetary policy will result in
A) a decrease in aggregate demand. B) lower interest rates. C) decreased rates of inflation. D) All of the above are correct.
Refer to Figure 13-1. The marginal revenue from the increase in price from P0 to P1 equals
A) the area (A - D). B) the area (B + D - A). C) the area (C - B). D) the area A.
Refer to Figure f. A benefit function is plotted in Figure f. The distance C represents the:
A. risk premium of the consumption bundle.
B. expected utility of the consumption bundle.
C. certainty equivalent of the consumption bundle.
D. expected consumption.