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
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
举一反三
- Price and total revenue are inversely related when demand is:
- To maximize profit, the monopolist produces on the ________ portion of the demand curve where ________. A: elastic; price equals marginal cost B: elastic; marginal revenue equals marginal cost C: inelastic; price equals marginal revenue D: inelastic; marginal revenue equals marginal cost
- 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 ________.
- Monopolists will maximize profit by producing at an output level where which of the following conditions exists（） A: Price = marginal revenue = marginal cost. B: Price = demand = marginal revenue = marginal cost. C: Marginal revenue = marginal cost ＜ price.
- Which does not belong to Non-tax revenue? A: Domestic debt revenue B: Lottery revenue C: Special revenue D: Revenue from government-managed funds