Multiple Choice
The total revenue test says
i.Demand is elastic if a decrease in price results in an increase in total revenue.
ii.Total revenue is maximized when demand is elastic.
iii.Total revenue is minimized when demand is unit elastic.
A) i only
B) i and ii
C) ii and iii
D) i, ii and iii
E) ii only
Correct Answer:
Verified
Correct Answer:
Verified
Q171: If the price elasticity of demand for
Q172: Moving downward along a linear (straight-line)downward sloping
Q173: Suppose the Oakland Raiders football team increases
Q174: If the supply of a good decreases
Q175: What is the price elasticity of demand?
Q177: The price elasticity of demand measures the
Q178: A 10 percent increase in price leads
Q180: The long-run price elasticity of demand for
Q181: If a product is a normal good,then
Q451: What does a horizontal demand curve indicate