Suppose an economist found that total revenues increase for the bus system when fares were raised, the conclusion is that the price elasticity demand for subway services over the range of fare increase is inelastic

If the shopkeeper goes first and quotes a high price, what is the best response of the customer?

a. Accept the high price b. Yell at the store owner c. Walk away from the deal d. Swear off shopping forever

Which of the following statements is correct?

a. The demand for flat-screen computer monitors is more elastic than the demand for monitors in general. b. The demand for grandfather clocks is more elastic than the demand for clocks in general. c. The demand for cardboard is more elastic over a long period of time than over a short period of time. d. All of the above are correct.