The value of price elasticity of demand is more likely to be above 1 if:
a. consumers have a long time to adjust to a price change.
b. the product is a necessity.
c. demand is inelastic.
d. there are few close substitutes for the product.
e. total revenue declines in response to a price reduction.
Question 2
An increase in total utility would be depicted using indifference curve analysis as:
a. a movement down along an indifference curve to the southeast.
b. a movement up along an indifference curve to the northwest.
c. a movement from one indifference curve to another located to the northeast.
d. a movement from one indifference curve to another located to the southwest.
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