Which of the following raises domestic prices only when demand is relatively low?

Within different price ranges along a demand curve, price elasticities of demand are

a. constant across all price ranges b. different, and greater, equal to, or less than one depending on the price range c. positive or negative, depending upon whether they are elastic or inelastic d. always less than one because total revenue increases when price falls e. always greater than one because total revenue increases when price falls

The least costly way to produce a given level of output is indicated by the point of tangency between a budget line and the production indifference curve corresponding to that level of output

a. True b. False Indicate whether the statement is true or false