Multiple Choice
Related to the Economics in Practice on page 102: Harriet runs a corner delicatessen and one day decides to raise her prices by 20 percent. Total revenue is likely to ________ when she first raises prices since demand is relatively ________ in the short term.
A) rise; inelastic
B) fall; inelastic
C) rise; elastic
D) fall; elastic
Correct Answer:
Verified
Correct Answer:
Verified
Q148: A tax on a good whose demand
Q149: Demand is more elastic for an item
Q150: Refer to the information provided in Figure
Q151: When demand is elastic, a decrease in
Q152: Total revenue increases if price _ and
Q154: An increase in demand caused no change
Q155: When demand is unit elastic, a change
Q156: The more _ the demand is for
Q157: If the quantity of bagels demanded decreases
Q158: The less time that elapses, the<br>A) less