If the price level rises faster than the money wage rate, the real wage rate falls

Quantitative evidence from Fishlow, Fogel and Mercer indicates that

a. antebellum railroads were built ahead of demand, but post-bellum transcontinentals were not. b. post-bellum transcontinentals were built ahead of demand, but antebellum railroads were not. c. both antebellum railroads and post-bellum railroads were built ahead of demand. d. antebellum railroads were not built ahead of demand, but the evidence on post-bellum railroads is mixed.

The relationships between elasticity and total revenue hold because:

a. total revenue equals price divided by quantity demanded b. total revenue equals price times quantity demanded c. a drop in price has two opposing effects on the two components of the formula d. both b and c