During a very bad recession the nation\'s disposable income fell by 10 percent,

Question

During a very bad recession the nation's disposable income fell by 10 percent, while its consumption of a certain good rose by 5 percent. That good was good.

a complementary

a substitute

a normal good

an inferior good

Movie tickets and DVD rentals are __________ services.

inferior

complementary

substitute

highly inelastic

Total revenue would be maximized when elasticity is __________.

above 10

rising

falling

1

0

The firm with this demand curve shown in Figure 4 would receive the highest total revenue at point __________.

A

B

C

D

E

Explanation / Answer

1. "4. an inferior good" 2. "3. substitute" 3. "4. 1" 4. "3. C"

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