Average cost is the cost of producing the next unit
a. True
b. False
Indicate whether the statement is true or false
False
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If a seller lowers the price of a product when demand is price inelastic, the seller can expect revenues to
A) rise. B) fall. C) stay the same. D) either rise or fall, but it is impossible to determine which.
The demand for a subway ride is probably ________ than is the demand for a car because ________.
A. less price elastic; people will take a longer time to adjust to the change in the price of a subway ride B. more price elastic; a subway ride requires a smaller portion of one's income C. more price elastic; people will take a longer time to adjust to the change in the price of a subway ride. D. less price elastic; a subway ride requires a smaller portion of one's income