Multiple Choice
If the price elasticity of demand for good A is -2, then a 1% increase in
A) consumer income will result in a 2% decrease in the demand for good A.
B) consumer income will result in a 2% increase in the demand for good A.
C) the market price of good A will result in a 2% increase in the quantity demanded of good A.
D) the market price of good A will result in a 2% decrease in the quantity demanded of good A.
Correct Answer:
Verified
Correct Answer:
Verified
Q356: When quantity supplied is very responsive to
Q357: A decrease in total revenue will result
Q358: Other things being equal, demand is less
Q359: If the absolute price elasticity of demand
Q360: "The slope of the demand curve gives
Q362: A good's price elasticity of demand can
Q363: We generally expect the price elasticity of
Q364: Total revenue is<br>A) price × quantity.<br>B) change
Q365: If the cross price elasticity of demand
Q366: If tablets have an absolute price elasticity