Total revenue increases if the price of the good
A) rises and demand is elastic.
B) rises and demand is inelastic.
C) rises and demand is unit elastic.
D) falls and supply is inelastic.
E) falls and demand is unit elastic.
B
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Recessions occur because of
A) difficulties in coordinating economic affairs. B) shocks to technology. C) real adverse shocks to the economy. D) all of the above.
Moral hazard occurs when the parties on once side of the market, who have information not known to others, self select in a way that adversely affects the parties on the other side of the market.
Answer the following statement true (T) or false (F)
As output increases, diseconomies of scale
a. lead to rising long-run average costs b. lead to declining long-run average costs c. lead to rising short-run average total costs d. lead to declining short-run total cost e. means the law of diminishing marginal returns is affecting production
Why are economic theories and principles imprecise? Shouldn’t they apply to everyone?
Please provide the best answer for the statement.