If a seller lowers the price of a product when demand is price inelastic, the seller can expect revenues to
A. rise.
B. stay the same.
C. fall.
D. either rise or fall, but it is impossible to determine which.
Answer: C
Economics
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Which of the following will not cause a short-run shift in the supply curve?
A) a change in the number of sellers B) a change in the cost of resources C) a change in the price of the product D) a change in future expectations
Economics
Which of the following is not true about marginal revenue product?
A. It shows the value of the marginal physical product. B. It is the marginal physical product times price of the product under perfect competition. C. It is the marginal physical product times marginal revenue. D. It shows the marginal costs of inputs.
Economics