Which of the following describes a situation in which demand must be inelastic?
a. Total revenue decreases by 10 percent when the price of jeans rises by 10 percent.
b. Total revenue decreases by less than 10 percent when the price of jeans rises by 10 percent.
c. Total revenue increases by more than 10 percent when the price of jeans rises by 10 percent.
d. Total revenue decreases by $10 when the price of jeans rises by $10.
e. Total revenue decreases by more than $10 when the price of jeans rises by $10.
C
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The owner of a proprietorship has ________ liability and ________ required to use all of his or her entire wealth to pay for the firm's losses
A) limited; might be B) limited; is not C) unlimited; might be D) unlimited; is not
Macroeconomics might study which of the following?
A) the causes of domestic unemployment B) decision making undertaken by firms C) decision making undertaken by households D) determinants of the prices of rare goods (e.g., diamonds)