If the demand for swordfish is price elastic and the price of swordfish increases, then
a. the quantity of swordfish demanded will increase
b. the total revenue from swordfish sales will decrease
c. the total revenue from swordfish sales will increase
d. the total revenue from swordfish sales will not change
e. whether total revenue rises or falls depends on how much the price of swordfish increases
B
You might also like to view...
When will stabilization policy be most effective in combating inflation?
a. when AS is flat b. when AS is very steep c. when AS has a moderately upward slope d. when AS has a moderately downward slope
The smaller the mpc, the ________ the income-expenditure multiplier and the ________ the effect of a change in autonomous spending on short-run equilibrium output.
A. larger; smaller B. larger; larger C. smaller; larger D. smaller; smaller