Total revenue increased for a firm operating in the elastic range of its demand curve. Which of the following statements is correct?
A. The firm must have raised price.
B. The firm must have lowered price.
C. Quantity demanded must have increased.
D. both a and c
E. both b and c
Answer: E
You might also like to view...
As presented in the textbook, gross domestic product is the sum of annual
A) business profits (both incorporated and unincorporated) plus all tax receipts of federal, state, and local governments. B) consumption, saving, and investment. C) expenditures for new final goods by consumers, investors, government. D) total sales of all business firms. E) wages and salaries paid or received.
The United States charges
A) the same tariff rates on goods from all countries. B) lower tariff rates on goods from countries with most favored nation status. C) low or zero tariffs on goods from certain developing countries. D) Both B and C.