When total revenue and price are inversely related, demand is
A) unit-elastic.
B) inelastic.
C) elastic.
D) not related.
C
Economics
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If in the market for apples the supply has decreased, then
A) the supply curve for apples has shifted to the right. B) there has been a movement upwards along the supply curve for apples. C) there has been a movement downwards along the supply curve for apples. D) the supply curve for apples has shifted to the left.
Economics
A binding price floor creates
a. deadweight loss. b. consumer surplus. c. producer surplus. d. deadweight gain.
Economics