Which factor of production includes crude oil deposits?

You are part of a local community theater group. Its goal is to raise as much revenue as possible. Mary suggests raising ticket prices. Is she right?

a. yes if the demand for tickets is price inelastic b. no if the demand for tickets is price inelastic c. yes because raising prices always increases revenue d. no because raising prices reduces sales and revenue e. most likely because the demand curve for theater tickets is typically inelastic

If the demand for widgets is inelastic, revenues will ________ if the price of widgets increases.

A. remain the same B. increase C. fall D. one cannot tell what will happen to revenues without specific elasticity numbers