If the demand for widgets is inelastic, revenues will ______ if the price of widgets increases.
A) increase
B) fall
C) remain the same
D) one cannot tell what will happen to revenues without specific elasticity numbers
Correct Answer:
Verified
Q9: The income effect
A)moves in the opposite direction
Q10: One aggregates individual demand curves by adding
A)horizontally.
B)vertically.
C)horizontally
Q11: Which of the following is likely to
Q12: Comparing the income effects between salt and
Q13: The income consumption curve
A)always goes through the
Q15: The Engel curve for a Giffin good
A)slopes
Q16: As one moves southeast on a linear
Q17: The demand curve for a Giffin good
A)slopes
Q18: If the price consumption curve of good
Q19: The formula for elasticity is given by
A)ΔQ/Q/ΔP/P.
B)(Q/P)(slope).
C)(P/Q)(slope).
D)(Q/P)(1/slope).
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