If demand is inelastic and price is raised, total revenue will __________. rise
ID: 1250586 • Letter: I
Question
If demand is inelastic and price is raised, total revenue will __________.
rise
fall
stay the same
possibly rise or possibly fall
If demand is elastic and price is lowered, total revenue will __________.
rise
fall
stay the same
possibly rise or possibly fall
Over time the supply of a particular good or service tends to __________.
become more elastic
become less elastic
stay about the same
Demand is elastic when __________.
percentage change in price is greater than percentage change in quantity
percentage change in quantity is greater than percentage change in price
the demand curve is vertical
price increases raise total revenue
Explanation / Answer
1. "1. rise" 2. "1. rise" 3. "1. become more elastic" 4. "2. percent change in quantity is greater than percentage change in price"
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