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tlc_71111 tlc_71111
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5 years ago

Question 1.

Moving upward along a downward sloping straight-line demand curve, as the price of the product goes up

• the price elasticity of demand goes from negative to positive.

• the price elasticity of demand goes from being elastic to being inelastic.

• the price elasticity of demand does not change.

• the price elasticity of demand goes from being inelastic to being elastic.

Question 2.

All of the following are true regarding the relationship between price elasticity of demand and total revenues EXCEPT

• when market demand is unit elastic, if the market price rises, then total revenues will not change.

• when market demand is inelastic, if the market price rises, then total revenues will decrease.

• when market demand is inelastic, if the market price falls, then total revenues will decrease.

• when market demand is elastic, if the market price declines, then total revenues will rise.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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tlc_71111 Author
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