If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5

If the demand for a good increased, what would be the effect on the equilibrium price and quantity?

a. Price would increase, and quantity would decrease. b. Price would decrease, and quantity would decrease. c. Price would increase, and quantity would increase. d. Price would decrease, and quantity would increase.

If tolls on a toll road can be raised significantly before commuters will consider using a free alternative, then an increase in tolls will result in

A) a decrease in total revenue. B) a decrease in non-toll road usage. C) an increase in total revenue. D) an increase in toll road usage.