When price was 10, quantity demanded was 50. When price decreased to 8, quantity demanded increased to 60. Therefore, when price decreased, total revenue
A. decreased from 500 to 480, indicating that demand is inelastic.
B. decreased from 500 to 480, indicating that demand is elastic.
C. increased from 480 to 500, indicating that demand is inelastic.
D. increased from 480 to 500, indicating that demand is elastic.
A. decreased from 500 to 480, indicating that demand is inelastic.
You might also like to view...
Refer to Table 5.1. Does either Andrea or Hector have an absolute advantage and if so, in what product?
A) Andrea only has an absolute advantage in producing bracelets. B) Hector only has an absolute advantage in producing bracelets. C) Andrea has an absolute advantage in producing both products. D) Hector only has an absolute advantage in producing tiaras.
What arguments can be made for government regulation of concentrated markets? What arguments can be made against such government regulation?
What will be an ideal response?
Which of the following types of markets would be the most likely to maintain a successful collusive agreement?
a. a market with many sellers, many buyers, unstable market demand, and privately negotiated prices b. a market with few sellers, many buyers, stable market demand, and privately negotiated prices c. a market with few sellers, many buyers, stable market demand, and publicized prices d. a market with many sellers, few buyers, stable market demand, and privately negotiated prices e. a market with few sellers, few buyers, unstable market demand, and publicized prices
Comparative advantage refers to the ability to produce output with fewer resources than any other country.
Answer the following statement true (T) or false (F)