A physician's office expenses increase 10 percent, so she decides to raise the price of office visits. Assuming the demand curve for office visits does not shift, what will happen to the total number of office visits and practice revenues?
a. Office visits and total revenue stay the same if demand is elastic.
b. Office visits and total revenue rise if demand is inelastic.
c. Office visits and total revenue fall if demand is inelastic.
d. Office visits will fall and total revenue will rise if demand is inelastic.
e. Office visits will rise and total revenue will fall if demand is elastic.
Question 2
The Slutsky decomposition of the effect of the real wage on a person's labor supply decision suggests that the negative income effect of such a wage change will be larger:
a. the smaller is the quantity of labor supplied and the smaller is the effect of non-labor income.
b. the smaller is the quantity of labor supplied and the larger is the effect of non-labor income.
c. the larger is the quantity of labor supplied and the smaller is the effect of non-labor income.
d. the larger is the quantity of labor supplied and the larger is the effect of non-labor income.
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