If a monopolist lowers its price and its demand is inelastic, then its
A) total revenue increases.
B) total revenue decreases.
C) total revenue does not change.
D) total revenue is negative.
B
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In the above figure, which of the figures show(s) a relationships between x and y with a positive slope?
A) Figure D only B) Figure A and Figure B C) Figure C only D) Figure B and Figure C E) Figure A and Figure D
In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue. (Source: New York Times, July 28, 2012 ) As the lobster catch increases, there is
A) a movement along the demand curve, resulting in a higher price and a decreased quantity. B) a movement along the demand curve, resulting in a lower price and an increased quantity. C) no change in either the price or the quantity. D) a movement along the demand curve, resulting in a higher price and an increased quantity.