Remembering that demand elasticity is defined as the percentage change in quantity divided by the percentage change in price, if price decreases and, in percentage terms, quantity rises more than price has dropped, total revenue will

The Arrow-Pratt measure of risk aversion is

A) negative if a person is risk averse. B) greater than one if a person is risk averse. C) negative if a person is risk loving. D) None of the above.

In Figure 3-2, a move from a point like B to a point such as D

A. is not possible. B. can be attained with a more efficient allocation of resources. C. can be attained if there is an improvement in technology. D. can be attained if unused resources are put into production.