According to the total revenue test, a price cut increases total revenue if demand is

If tastes for a good increased and the price of a substitute good decreased at the same time, as a result: a. prices would rise

b. prices would fall. c. larger quantities to be exchanged. d. we would not know which direction either prices or quantities exchanged would be altered without more information.

Import controls in Mexico ____________

a. will ease the pressure on Mexico's foreign exchange reserves if its exchange rate is fixed b. are illegal c. reduce tariffs d. are designed to float the exchange rate e. reduce quotas