For the economy as a whole, about what percentage of total firm revenue is spent on advertising?

Suppose this customer is known to throw a fit and scare away other customers if charged high prices. If the shopkeeper moves first, he would ask for

a. A high price b. A low price c. A pony d. All of the above

Consider the market for bicycles. If a dealer cuts prices by 10 percent and sells 20 percent more bikes, then demand for bicycles is

a. inelastic, and total revenue will increase b. elastic, and total revenue will increase c. inelastic, and total revenue will decrease d. elastic, and total revenue will decrease e. unit elastic, and total revenue will remain the same