Because of an increase in the price of leather, the price of a pair of women's dress shoes increased 12 percent. If the price elasticity of demand for women's dress shoes is 0.85, which of the following will happen?
A) Total expenditure on women's dress shoes decreases.
B) The number of pairs of women's dress shoes demanded decreases by 10.2 percent.
C) Total revenue from the sale of women's dress shoes decreases.
D) none of the above
Question 2
The risk of making a loan is
A) earning profits that are too high and cause higher taxes.
B) the risk that lender does not pay.
C) the risk that the borrower does not pay.
D) called default risk when taxes are not paid.
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