If a decrease in the price of a good decreases the total revenue, the demand for the good is
a. price elastic
b. price inelastic
c. income elastic
d. income inelastic
b
Economics
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If the long-run supply curve in a perfectly competitive industry is upward sloping, this is because
A) firms are different. B) firms are identical. C) input prices rise as the industry expands. D) Either A or C.
Economics
Cici's Pizza Most pizza restaurants charge by the pie or by the slice. Cici's has found a niche by charging a flat rate for the meal and allowing as many visits to the pizza buffet as the customer desires. How does this affect the make-up of its clientele?
Economics