Related to the Economics in Practice on page 99: Frank runs a corner delicatessen and one day decides to raise his prices by 10 percent. Total revenue is likely to ________ at the end of the first month of the higher prices since demand is relatively elastic in the ________ term.
A) rise; short
B) fall; short
C) rise; long
D) fall; long

Question

Quizplus · Accepted Answer

The Answer of Related to the Economics in Practice on page 99: Frank runs a corner delicatessen and one day decides to raise his prices by 10 percent. Total revenue is likely to ________ at the end of the first month of the higher prices since demand is relatively elastic in the ________ term.
A) rise; short
B) fall; short
C) rise; long
D) fall; long

Related to the Economics in Practice on Page 99: Frank