Multiple Choice
If the managers of the Miami Transit Authority (MTA) raise the fare from $2.00 to $2.25 per ride and, as a result, total revenue increases, then we know that the demand for rides is
A) price inelastic.
B) price elastic.
C) unitary elastic.
D) is perfectly elastic.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q203: Jack owns a pumpkin patch and has
Q204: Supply is highly elastic in the market
Q205: In the United States, the federal individual
Q206: In general, the flatter the supply curve,
Q207: The owner of a kayak tour business
Q209: If demand is inelastic, a reduction in
Q210: A poultry rancher discovered that when she
Q211: If the cross elasticity of demand for
Q212: One practical reason that economists use percentages
Q213: If the price of Citgo gasoline increases