If price is cut and demand is inelastic, total revenue will fall because
A) the change in quantity demanded is less than the percent change in price.
B) the percent change in quantity demanded is less than the change in price.
C) the percent change in quantity demanded is less than the percent change in price.
D) customers can find substitutes.
C
Economics
You might also like to view...
A(n) ________ comes to an end with a business cycle ________
A) expansion; bubble B) expansion; trough C) recession; peak D) recession; trough
Economics
The matching function captures the idea that
A) consumers have to be paid to work. B) supply and demand for labor determine the market wage. C) it is costly and time-consuming to get firms and workers together to produce output. D) firms are profit-maximizing.
Economics