Suppose the price of a product rises and the total revenue of sellers increases
A. It can be concluded that the demand for the product is elastic.
B. It can be concluded that the supply of the product is elastic.
C. It can be concluded that the supply of the product is inelastic.
D. No conclusion can be reached with respect to the elasticity of supply.
Answer: D
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In which of the following situations would reliance on expert opinion as a basis for a managerial decision be most preferred?
A) When the product can be packaged with a variety of price and quality combinations. B) When the business in question serves as a supplier of inputs to other businesses, especially in multi-product situations where other strategies may be prohibitively expensive. C) When the level of economic activity can have a significant effect on the demand for the firm's output. D) When the product being marketed is relatively new.