If the price elasticity of demand for gasoline equals 0.3, then an increase in the price of a gallon of gasoline from $3.70 to $3.90
A) decreases total revenue.
B) increases total revenue.
C) leads to no change in total revenue.
D) makes the demand for gasoline elastic.
E) Both answers B and D are correct.
B
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The value of a country's exports during a particular year was $610,000 and the value of its imports was $995,000. Which of the following is true?
A) The country ran a fiscal deficit of $605,000 during that year. B) The country ran a trade surplus of $385,000 during that year. C) The country ran a trade deficit of $385,000 during that year. D) The country ran a budget surplus of $1,605,000 during that year.
The problem of vesting and funding are avoided by __________ pension plans
A) both defined benefit and defined contribution B) defined benefit C) defined contribution D) neither defined benefit nor defined contribution
Controlling market behavior that might prevent competition among all firms in the market
a. social regulation b. economic regulation c. antitrust policy d. none of the above
In a private closed economy, the equilibrium condition for the economy is:
A. AE = C + Ig = GDP B. AE = G + Ig = GDP C. AE = C + Ig + G = GDP D. C + Ig + G + NX = GDP