If the price elasticity of demand is -0.8 and the firm increases price,revenue will
A) Increase
B) Decrease
C) Stay constant
D) become zero,they would lose all their customers
Correct Answer:
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Q2: An rational,optimizing,self interested consumer would consume up
Q3: Jim saw a decrease in the quantity
Q4: The first law of demand states that
A)the
Q5: The price elasticity of demand tells us
Q6: The government decided to reduce taxes on
Q7: You have the following demand schedule for
Q8: In general,the smaller the price elasticity:
A)the smaller
Q9: The difference between the value you place
Q10: Its lunch time,you are hungry and would
Q12: If MR<MC,then the firm should
A)increase production
B)decrease production
C)keep
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