If the demand for a good is price inelastic, a decrease in total revenue from the good would result from a(n)
a. increase in price
b. decrease in quantity demanded
c. favorable shift in tastes and preferences
d. decrease in price
e. increase in consumers' incomes
D
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A change in the price of hamburgers will change the supply of hot dogs.
Answer the following statement true (T) or false (F)
What's the difference between the nominal exchange rate and the real exchange rate?
What will be an ideal response?
A small open economy increases its desired saving. This causes the world real interest rate to ________ and the country's current account balance to ________
A) fall; fall B) remain unchanged; rise C) fall; rise D) remain unchanged; fall
For each outcome below, tell what type of shift must have taken place in either the aggregate demand curve or the long-run aggregate supply curve
(a) In the short run, the price level is unchanged and output rises. (b) In the long run, the price level declines and output is unchanged. (c) In the long run, the price level rises and output declines.