Author Question: When demand is price inelastic: a. price and total revenue move in the same direction. b. price ... (Read 125 times)

lb_gilbert

  • Hero Member
  • *****
  • Posts: 588
When demand is price inelastic:
 a. price and total revenue move in the same direction.
  b. price and total revenue move in the opposite direction.
  c. total revenue increases whether price goes up or down.
  d. total revenue decreases whether price goes up or down.

Question 2

The price elasticity of demand for gasoline measures the:
 a. responsiveness of gasoline producers to changes in the quality of gasoline.
  b. responsiveness of customers to changes in the price of gasoline.
  c. responsiveness of consumer preferences to changes in the quality of gasoline.
  d. both a and c above.



tashiedavis420

  • Sr. Member
  • ****
  • Posts: 329
Answer to Question 1

a

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

For a complete list of videos, visit our video library