Multiple Choice
Holding all other forces constant, if raising the price of a good results in less total revenue, the demand for the good must be:
A) elastic
B) inelastic
C) unit elastic
D) perfectly inelastic
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q56: A government program that reduces land under
Q77: If a supply curve is horizontal,it is
Q156: Why is the demand for luxury goods
Q158: Using the midpoint method, compute the elasticity
Q159: Goods tend to have more elastic demand
Q160: Price elasticity of supply measures how much
Q162: Economists use the concept of price elasticity
Q163: The price of product X is reduced
Q164: In the 1970s OPEC generated high prices
Q165: The concept of the slope is the