The figure above represents the behavior of total revenue as price falls along a straight-line demand curve. What is the price elasticity of demand if total revenue is given by point f?
A) Demand is inelastic.
B) Demand is unit elastic.
C) Demand is elastic.
D) It is impossible to determine.
C
Economics
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Which of the following statements is not valid when the market supply curve is vertical?
a. Market quantity supplied does not change when the price changes. b. Supply is perfectly inelastic. c. An increase in market demand will increase the equilibrium quantity. d. An increase in market demand will increase the equilibrium price.
Economics
A difference in wages that reflects differences in the nonpay features of two jobs is called
a. a compensating differential. b. a wage adjustment. c. an efficiency wage. d. a minimum wage.
Economics