If demand is inelastic, an increase in the price of a good will cause total revenue to:
a. fall.
b. remain constant since the decrease in quantity sold is exactly offset by the price increase.
c. rise.
d. rise if it is a normal good and fall if it is an inferior good.
c
Economics
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The supply of labor curve has a ________ slope because as the real wage rate rises, ________
A) positive; the opportunity cost of leisure rises B) negative; households work more hours C) positive; the opportunity cost of leisure falls D) positive; firms offer more jobs E) negative; firms hire fewer workers
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Explain what the poverty line is and its purpose
What will be an ideal response?
Economics