A price floor establishes a minimum price, and a price ceiling establishes a maximum price

Which of the following paired concepts are equivalent to each other?

a) increasing returns; diseconomies of scale b) increasing returns; increasing costs c) increasing returns; decreasing costs d) increasing costs; economies of scale e) constant costs; economies of scale

Assume that when the price of good Z is increased from $5 to $6, the total revenue earned increases from $600 to $690. Based on this information, we can conclude that over this range, demand for Z is:

A) elastic. B) unit elastic. C) inelastic. D) perfectly inelastic.