If demand is __________ and price is __________, total revenue will _________.
A. inelastic; raised; increase
B. inelastic; lowered; decrease
C. elastic; raised; decrease
D. All of these options are true
D. All of these options are true
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In a free market, the market price and quantity in the above figure will adjust to equilibrium values of
A) $1 per gallon and 50 million gallons. B) $4 per gallon and 10 million gallons. C) $2 per gallon and 60 million gallons. D) $2 per gallon and 30 million gallons.
The following table shows cost data for a firm that is selling in a purely competitive market.
Refer to the above table. Now assume there are 100 identical firms in this industry, each of which has the same cost data as the single firm described above. Suppose too that the demand curve for this industry is as shown below:
The equilibrium price will be:
A. $140
B. $180
C. $230
D. $290