When demand is unit elastic, an increase in price will cause total revenue to increase, stay the same, or decrease, depending on the corresponding change in quantity demanded
Indicate whether the statement is true or false
FALSE
You might also like to view...
What is job search and what is the relationship between job search and unemployment? What factors can affect the amount of job search? Briefly discuss the effect of each factor
What will be an ideal response?
Most economists agree that the measured unemployment rate tends to ________ the unemployment problem
A) overstate B) understate C) accurately represent D) There is little agreement among economists regarding this issue.
A business's use of a bank located outside of the home country is called
A) Swiss banking. B) offshore banking. C) international banking. D) domestic banking. E) international swapping.
Which of the following would increase the demand for labor? (i) a decrease in the output price (ii) an increase in the output price (iii) a labor-saving technological advance (iv) a labor-augmenting technological advance
a. (i) only b. (i) and (iii) only c. (ii) only d. (ii) and (iv) only