If demand is unit elastic, revenue
a. and price rise and fall together.
b. rises as price falls.
c. falls as price rises.
d. remains constant as price rises or falls.
d
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The value of all the equipment and structures of an economy is referred to as:
A) wealth. B) national income. C) asset value. D) capital stock.
Suppose the real interest rate increases from 4 percent to 6 percent. As a result,
A) governments decrease their demand for loanable funds. B) firms increase their demand for loanable funds. C) governments increase the supply of loanable funds. D) firms decrease the quantity demanded of loanable funds. E) governments decrease the quantity supplied of loanable funds.
The period of declining growth in real GDP between the peak of the business cycle and the trough is called the
a. contractionary phase. b. boom. c. expansionary phase. d. stationary phase.
A monopoly sets a market price that is higher than the marginal cost of production. This fact implies that a monopoly's allocation of resources is:
A. unfair. B. inefficient. C. discriminatory. D. excessive.