if demand is price inelastic ?
if demand is price inelastic ? A. An increase in price must raise profits B. An increase in price decrease revenueC. An increase in price increase revenue D. A decrease in price reduces sales
Supply and Demand
The price elasticity of demand is a negative number this means ?
The price elasticity of demand is a negative number this means ? A. Demand is price elastic B. Demand is price inelasticC. The demand curve is downward slog D. An increase in income will reduce the quantity demanded
If the cross elasticity of demand is -2 ?
If the cross elasticity of demand is -2 ? A. The products are substitutes and demand is cross price elastic B. The products are substitutes and demand is cross price inelasticC. The products are complements and demand is cross price…
The price decrease from Rs 2,000 to Rs 1,800 Quantity demanded per year increases 5000 to 6000 units. Which of the following is correct ?
The price decrease from Rs 2,000 to Rs 1,800 Quantity demanded per year increases 5000 to 6000 units. Which of the following is correct ? A. The price elasticity of demand is -2 B. The good is inferior C. Income…
If a product is an inferior good ?
If a product is an inferior good ? A. Demand is inversely related to income B. Demand in inversely related to price C. Demand is directly related to price D. Demand is inversely related to the price of substitutes
An increase in income should ?
An increase in income should ? A. Shift demand for an inferior product outwardB. shift demand for an inferior product inward C. shift supply for an inferior product outward D. Shift supply for an inferior product inward
According to the law of diminishing utility ?
According to the law of diminishing utility ? A. Utility is at a maximum with the first unit B. Increasing units of consumption increase the marginal utility C. Marginal product will fall as more units are consumedD. Total utility will…
A fall in price ?
A fall in price ? A. Will cause an inward shift of demand B. Will cause an outward shift of supplyC. May be caused by a fall in demand D. Leads to a higher level of production
When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as ?
When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as ? A. Quantity setting B. price fixingC. price rationing D. quantity…
If the cross-price elasticity of demand between two goods is negative, then the two goods are ?
If the cross-price elasticity of demand between two goods is negative, then the two goods are ? A. normal goods B. unrelated goods C. Substitutes.D. Complements