Multiple Choice
If in the short run the demand for mass transit is inelastic and in the long run the demand is elastic, then a price
A) increase will decrease total revenue in the short run but increase total revenue in the long run.
B) increase will increase total revenue in the short run but decrease total revenue in the long run.
C) decrease will increase total revenue in the short run but decrease total revenue in the long run.
D) decrease will decrease total revenue in the short run and decrease total revenue in the long run.
Correct Answer:

Verified
Correct Answer:
Verified
Q210: The supply of product X is perfectly
Q211: If the price elasticity of demand for
Q212: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8602/.jpg" alt=" Refer
Q213: Which of the following statements is true
Q214: What is the most likely effect of
Q216: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8602/.jpg" alt=" Consider the demand
Q217: Suppose that as the price of Y
Q218: Suppose we find that the price elasticity
Q219: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8602/.jpg" alt=" In the figure
Q220: If the demand for a product is