Multiple Choice
When Dave raises the price of smart watches by 10 percent, the quantity demanded decreases by 30 percent. The demand for smart watches is _____, and Dave's total revenue _____ as a result of the price change.
A) elastic; increases
B) inelastic; decreases
C) elastic; decreases
D) inelastic; increases
Correct Answer:
Verified
Correct Answer:
Verified
Q36: Use the table Price Elasticities of Demand
Q37: When Jane raises the price of haircuts
Q38: When the price of sneakers decreases by
Q39: Perfectly inelastic demand curves are:<br>A) vertical.<br>B) horizontal.<br>C)
Q40: If consumers' sensitivity to price changes makes
Q42: A price _ leads to an increase
Q43: _ is the way that the burden
Q44: If a tax is placed on the
Q45: The sign of a cross-price elasticity indicates
Q46: The price elasticity of supply depends on:<br>A)