An increase in total revenue will result if
A) demand is inelastic and price decreases.
B) demand is elastic and price decreases.
C) demand is elastic and price increases.
D) demand is unitary elastic and price increases.
Answer: B
Economics
You might also like to view...
Refer to Figure 2-12. One segment of the circular flow diagram in the Figure shows the flow of funds from market F to economic agents G. The funds represent spending on goods and services. What is market F and who are economic agents G?
A) F = product markets; G = firms B) F = factor markets; G = firms C) F = factor markets; G = households D) F = product markets; G = households
Economics
A terrible storm wipes out 70 percent of the peanut crop. Explain and show graphically how this will affect the market for peanut butter and the market for jelly, a complementary good
Economics