If the market price of a product falls and as a result total revenue of firms falls, we can conclude that
A) demand is elastic in this price range.
B) the product's price is above the midpoint of its demand curve.
C) demand is inelastic in this price range.
D) the demand curve is horizontal.
C
Economics
You might also like to view...
The market's way of rationing limited resources, goods, and services to consumers in a market economy is through
A. commissions. B. profits. C. incentives. D. prices.
Economics
The purpose of an effluent fee is to
A. reward people producing externalities. B. correct for pollution while keeping the price of the good the same as before the correction. C. reduce the amount produced of a good and to raise the market price. D. encourage producers to keep the quantity produced the same while lowering the price.
Economics