Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now suppose the demand for this product increases. Which of the following statements accurately predicts the resulting increase in price?
A) The more elastic the supply curve, the greater the price increase.
B) The increase in price is not affected by the elasticity of the supply curve.
C) The more elastic the supply curve, the smaller the price increase.
D) There will be no increase in price if the supply curve is perfectly inelastic.
Question 2
Which of the following statements is true about profit?
A) Profit refers to the revenue received from the sale of a quantity of goods.
B) The terms accounting profit and economic profit can be used interchangeably.
C) Profit is calculated by multiplying price and quantity sold.
D) Profit is the difference between revenue and cost.
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