Producers' total revenue will increase if
A) income increases and the good is an inferior good.
B) the price rises and demand is elastic.
C) the price rises and demand is inelastic.
D) income falls and the good is a normal good.
C
You might also like to view...
The only two firms in a market are trying to decide what price to charge. The payoff matrix for this duopoly game is shown above. The payoffs are thousands of dollars of economic profit
In the Nash equilibrium, Firm A will set a price of ________ and Firm B will set a price of ________. A) $10; $20 B) $20; $10 C) $10; $10 D) $20; $20 E) $20; something, but more information is needed to determine Firm B's price
___________ refers to the inability to stop thinking about work or doing work. Also that work is the most pleasurable part of life
a. Reactivism b. Workaholism c. Procrastination d. Obsessing