An increase in price causes an increase in total revenue when: ()
A: demand
is elastic.
B: demand
is inelastic.
C: demand
is unit elastic.
D: All
of the above are possible.
A: demand
is elastic.
B: demand
is inelastic.
C: demand
is unit elastic.
D: All
of the above are possible.
举一反三
- As a result of running high temperature this summer in the south of China, the corn crop declined sharply. If corn growers experienced an increase in sales revenue, the demand for corn must be ( ) A: price elastic. B: price inelastic. C: unitary elastic. D: perfectly inelastic.
- An increase in demand for a good will lead to a larger increase in price if the supply is relatively elastic.
- 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 ________. A: increase; increase B: decrease; increase C: decrease; decrease D: increase; decrease
- If corn farmers know that the demand for corn is inelastic, and they want to increase their total revenue, they should all
- If there are very few, if any, good substitutes for good A, then (). A: supply of good A would tend to be price elastic. B: demand for good A would tend to be price inelastic. C: demand for good A would tend to be price elastic. D: demand for good A would tend to be income elastic.