In case of a decrease in product prices:
A) the quantity effect always dominates the price effect.
B) the price effect always dominates the quantity effect.
C) when the price effect dominates the quantity effect, total revenue increases.
D) when the quantity effect dominates the price effect, total revenue increases.
D
Economics
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The figure above illustrates the problem of overcrowding and external costs experienced during the summer months in the state park. The competitive equilibrium is at
A) point G. B) point H. C) point I. D) point J.
Economics
Refer to Figure 4-10. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing consumer surplus after the imposition of the price floor?
A) A + B + D B) B + C + D + E C) A D) C + E
Economics