If the price elasticity of demand is -0.8 and the firm decreases price,revenue will
A) Increase
B) Decrease
C) Stay constant
D) become zero,they would lose all their customers
Correct Answer:
Verified
Q12: If MR<MC,then the firm should
A)increase production
B)decrease production
C)keep
Q13: What is consumer surplus?
A)The maximum willingness to
Q14: What is an aggregate demand curve
A)The demand
Q15: What criteria do consumers apply when deciding
Q16: You have the following demand schedule for
Q18: A demand curves describes
A)the amount of units
Q19: Which of the following statements is true
A)A
Q20: As a consumer you believe yourself to
Q21: Since demand is more inelastic for products
Q22: Jim recently graduated from college.His income increased
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