Multiple Choice
When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded, then:
A) demand is inelastic.
B) total revenue increases as a result of the price increase
C) total revenue decreases as a result of the price increase.
D) demand is unit elastic.
Correct Answer:

Verified
Correct Answer:
Verified
Q49: If the quantity of bananas sold increases
Q50: Which of the following pairs is most
Q51: A 10 percent rise in the price
Q52: Using the midpoints formula, what would be
Q53: An increase in total revenue results occurs
Q55: Exhibit 5-7 Demand curve for concert tickets<br><br><img
Q56: The short-run price elasticity of demand for
Q57: Assume 300 billion pounds of Ostrich meat
Q58: The demand for a product is likely
Q59: There are three goods you are interested