If demand is price elastic, a decrease in price results in a(n)
a. decrease in total expenditure on the good
b. unfavorable shift in tastes and preferences
c. decrease in total cost for the seller
d. increase in supply of the good
e. increase in total revenue to the seller
E
Economics
You might also like to view...
Foreign-exchange market interventions will always
A) lead to a decline in domestic interest rates relative to foreign interest rates. B) lead to a rise in domestic interest rates relative to foreign interest rates. C) lead to a decline in the domestic money supply. D) alter a central bank's holdings of international reserves.
Economics
An economic system is
A) the universe of all resources. B) a way to create new resources. C) a mechanism to allocate scarce resources. D) an organization that generates profits.
Economics