If the demand for new cars is elastic, an increase in price will result in:
A. an increase in profits.
B. an increase in total revenue.
C. a decrease in total revenue.
D. an increase in the quantity demanded.
Answer: C
You might also like to view...
Product-specific services are most likely to be valuable for which of the following goods?
A) a broom B) a lawn tractor C) a shovel D) a lawn rake
Which of the following countries have used adjustments to the required reserve ratio as a primary tool of monetary policy?
A. United States B. China C. Mexico D. India
Which of the following is an obstacle to economic growth?
a. Political instability b. Government support for private industry c. Slow population growth d. Enforcement of private property rights e. The inability of special interest groups to block changes in economic policy
Marginal productivity analysis shows that a drop in the price of the product will cause input use to
A. increase. B. decrease. C. stay the same. D. The information is insufficient to provide an answer.