Price and total revenue are inversely related when demand is:
举一反三
- If a product is a normal good: A: Demand is inversely related to income B: Demand is inversely related to price C: Demand is directly related to price D: Demand is inversely related to the price of substitutes
- An increase in price causes an increase in total revenue when: () A: demand<br/>is elastic. B: demand<br/>is inelastic. C: demand<br/>is unit elastic. D: All<br/>of the above are possible.
- Generally, price and demand is _______ related which means that the increase in the price would lead to the decrease in the demand for that product and vice versa. A: inversely B: adversely C: correspondingly D: proportionally
- If the demand for orange juice is elastic, then as the price falls, quantity demanded for orange juice will ________ and total revenue for orange suppliers will ________.
- If demand is price elastic and price decreases, then A: the extra revenue from the extra units sold is exactly offset by the loss in revenue due to the lower price B: more information is necessary to determine what happens to total revenue C: the extra revenue from the extra units sold is less than the loss in revenue from the lower price D: the extra revenue from the extra units sold exceeds the loss in revenue from the lower price