The demand is more price-elastic
A) In the long run.
B) If the product is a necessity.
C) If the product is a small part of the consumer's budget.
D) If the product has very few substitutes.
Correct Answer:
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Q44: Maximum total revenue occurs when
A)The absolute value
Q45: Carter has budgeted $40 per month for
Q46: A price decrease will cause total revenue
Q47: Higher prices will increase total revenue if
A)Demand
Q50: If the elasticity of demand for cigarettes
Q51: If the price elasticity of demand is
Q52: If demand is elastic,then
A)An increase in price
Q53: If the price of Good X falls
Q56: Total revenue is equal to
A)The income from
Q57: If the price elasticity of demand is
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