Which of the following describes a situation in which demand must be elastic?
a. Total revenue increases by 15 percent when the price of corndogs rises by 15 percent.
b. Total revenue increases by less than 15 percent when the price of corndogs rises by 15 percent.
c. Total revenue decreases by more than 15 percent when the price of corndogs rises by 15 percent.
d. Total revenue increases by $15 when the price of corndogs rises by $15.
e. Total revenue increases by more than $15 when the price of corndogs rises by $15.
C
Economics
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The perfectly competitive firm's total revenue curve
A) is linear and upward sloping. B) has a constant slope. C) has a positive slope. D) all of the above.
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Which of the following product-groups is a leading export of the United States?
A. Home appliances B. Metals C. Agricultural products D. Computers
Economics