If the Price Elasticity of Demand for a Commodity Is

Multiple Choice

If the price elasticity of demand for a commodity is greater than one,it implies that:

A) an increase in supply will increase total revenues.
B) a decrease in supply will increase total revenues.
C) a price ceiling that lowers price below the market equilibrium will increase total the total consumer spending on that good.
D) a price floor that raises price above the equilibrium will increase total the total consumer spending on that good.