By reviewing its sales records, Dell economists discover that when Dell lowers the price of its personal computers, the total revenue Dell obtains from the sale of its personal computers rises. Hence
A) supply of Dell personal computers is elastic.
B) demand for Dell personal computers is elastic.
C) supply of Dell personal computers is inelastic.
D) demand for Dell personal computers is inelastic.
B
Economics
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The income elasticity of demand for food is roughly 1. A consumer's monthly income is $2,000, of which 20 percent is spent on food. If the income of this consumer doubles, the amount she'll spend on food will be:
A. $400 per month B. $500 per month C. $800 per month D. $1000 per month
Economics
A normative statement is generally based upon:
A. scientific fact. B. a factual claim. C. subjective beliefs. D. data that can be tested.
Economics