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Pregunta 1
Pregunta
The Total Revenue curve derives is a downward parabola thanks to the fact that:
Respuesta
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Elasticity of demand curves have different elasticities as you move along them.
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Total Revenue is computed in a quadratic form.
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Elasticity of demand curve has a constant elasticity at every point.
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There is not rational answer to this problem.
Pregunta 2
Pregunta
The law of demand states:
Respuesta
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Consumers will buy more of a product when its price declines.
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Consumers will buy more of a product when its price increases.
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Consumers are not sensitive to price changes in any scenario.
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Consumers do not take into account prices when purchasing.
Pregunta 3
Pregunta
A value for elasticity is considered to be elastic if it:
Respuesta
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Is less than one.
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Is greater than 1.
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Is equal to one.
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Is equal to infinity.
Pregunta 4
Pregunta
A value for elasticity is considered to be inelastic if it:
Respuesta
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Is less than one.
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Is more than one.
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Equals infinity.
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Equals one.
Pregunta 5
Pregunta
A value for elasticity is considered to be unit elastic if it:
Respuesta
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Is equal to one.
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Is less than one.
Pregunta 6
Pregunta
A value for elasticity is considered to be perfectly elastic if it:
Respuesta
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Is equal to infinity.
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Is equal to 0.
Pregunta 7
Pregunta
A value for elasticity is considered to be perfectly inelastic if it:
Respuesta
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Is equal to 0.
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Is equal to infinity.
Pregunta 8
Pregunta
The total revenue test indicates that:
Respuesta
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If demand is elastic an increase in price will increase total revenue.
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If demand is elastic an increase in price will decrease total revenue.
Pregunta 9
Pregunta
The Total Revenue Test indicates that:
Respuesta
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If demand is inelastic an increase in price will increase total revenue.
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If demand is inelastic an increase in price will decrease total revenue.
Pregunta 10
Pregunta
The greater the number of substitute goods:
Respuesta
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the greater the price elasticity of demand.
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the lower the price elasticity of demand.
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