Which of the following correctly comments on the following statement? "The only way to increase the revenue from selling a product is to increase the product's price."
A) This statement is not true. Revenue will increase as the price of the product increases only if demand is inelastic.
B) It is not true. Revenue will increase as the price of the product increases only if demand is elastic.
C) This statement is not true. Revenue will decrease as the price of the product increases because quantity demanded will fall.
D) The statement is true.
A
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Your wage this year is $15 per hour and the CPI is 178. Next year you get a raise to $17 and the CPI rises to 185. What has happened?
A) Your real and nominal wages have each increased by the same percentage. B) Your real wage has increased but by a smaller percentage than your nominal wage. C) Your nominal wage has increased but your real wage has declined. D) Your nominal wage has increased but your real wage has not changed. E) Your real wage rate has increased by a larger percentage than your nominal wage.
What are the relationships among consumption, saving, and disposable income?
What will be an ideal response?