If the price elasticity of demand for apples is greater than 1, an increase in apple prices will
A) raise total revenue.
B) lower total revenue.
C) not affect total revenue.
D) either raise or lower total revenue, but it is impossible to determine which.
B
Economics
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What does the short-run Phillips curve indicate about the tradeoff between inflation and unemployment?
What will be an ideal response?
Economics
An increase in the real wage rate will cause
A) the labor demand curve to shift to the right. B) the labor demand curve to shift to the left. C) the quantity of labor demanded to rise. D) a movement along the labor demand curve.
Economics