The marketing people for AT&T believe that if they lower the price of long-distance phone calls by 5 percent, their quantity demanded will increase by 15 percent. If they are correct in their belief, then
A) the demand for long-distance phone calls is price inelastic.
B) the total revenue from long-distance phone calls will increase if they lower the price.
C) the demand for long-distance phone calls is income elastic.
D) the total revenue from long-distance phone calls will decrease if they lower the price.
B
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Using the data in the above table, the labor force is
A) 140.0 million. B) 152.1 million. C) 154.2 million. D) 250.0 million. E) 127.9 million.
If the U.S. government imposes an import quota on beef, U.S. net exports will
a. increase, the real exchange rate of the dollar will appreciate, and domestic sales of U.S. beef will increase. b. increase, the real exchange rate of the dollar will depreciate, and domestic sales of U.S. beef will not change c. not change, the real exchange rate of the dollar will appreciate, and domestic sales of U.S. beef will increase. d. not change, the real exchange rate of the dollar will depreciate, and domestic sales of U.S. beef will not change.