A decrease in total revenue will result if
A) demand is inelastic and price increases.
B) demand is elastic and price decreases.
C) demand is inelastic and price decreases.
D) demand is unitary elastic and price decreases.
C
Economics
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If the punishment is _________, or the likelihood of getting caught is _________, the cost associated with breaking a ban may not be high enough to change the trade-off that consumers face.
A. not severe; low B. severe; high C. severe; low D. not severe; high
Economics
If the income-consumption path slopes upward, then:
A. both goods are normal goods. B. both goods are inferior goods. C. the goods are substitutes. D. the goods are complements.
Economics