Refer to Figure 29-1. Italians cut back on smoking and cut their demand for American cigarettes in half. Assuming all else remains constant, this would be represented as a movement from

If the demand for a good is elastic, a decrease in its price will result in additional revenue because the increase in quantity more than offsets the decrease in price

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

Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 

A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C