If the demand for a product is unit-elastic, a 25 percent increase in its price will result in:
a. a 25 percent change in total revenue.
b. no change in quantity demanded.
c. a 1 percent increase in quantity demanded.
d. a 25 percent decrease in quantity demanded.
e. a 100 percent change in quantity demanded.
d
Economics
You might also like to view...
Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $54, the efficient quantity of satellites is
A) 0. B) 1. C) 2. D) 3.
Economics
Which of the following are common barriers to entry?
A) economies of scale B) absolute unit-cost advantages C) capital access and costs D) all of the above
Economics