Rationing of resources, goods, and services
A) is not required under the price system.
B) is required because of scarcity.
C) must be done by the government.
D) happens only when the price is zero.
B
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Which of the following describes a situation in which demand must be elastic? a. Total revenue increases by 15 percent when the price of corn dogs rises by 15 percent
b. Total revenue increases by less than 15 percent when the price of corn dogs rises by 15 percent. c. Total revenue decreases by more than 15 percent when the price of corn dogs rises by 15 percent. d. Total revenue increases by $15 when the price of corn dogs rises by $15. e. Total revenue increases by more than $15 when the price of corn dogs rises by $15.