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msouthern msouthern
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5 years ago

Question 1.

When the price of oysters decreases 25%, quantity demanded increases 10%. The price elasticity of demand for oysters is ________ and total revenue from oyster sales will ________.



▸ inelastic; increase

▸ inelastic; decrease

▸ elastic; decrease

▸ elastic; increase

Question 2.

When the price of oysters decreases 25%, quantity demanded is unchanged. The price elasticity of demand for oysters is



▸ perfectly inelastic.

▸ elastic.

▸ inelastic.

▸ unitary elastic.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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gdchavis1gdchavis1
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msouthern Author
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5 years ago
This site is awesome!
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5 years ago
Slight Smile Good luck on the rest
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